A joint business bank account offers a convenient way for you and your business partners to consolidate and monitor your business finances. However, since you and your partners will have equal access to your business funds, you have to know the risks and rewards involved with opening a partnership bank account before deciding if this…
Banking
How to Change Business Bank Accounts & When to Switch
Every business needs to have a business bank account. It does not only ensure that you keep your personal and business finances separate, but it also helps with your important business transactions. As your business grows, your business bank account requirements also change. Business growth is one reason why you should consider changing your business…
What Is Business Banking?
Business banking refers to banking transactions that are specific to business clients. Business banking services include loans, credit cards, savings accounts, and checking accounts designed to meet the needs of businesses rather than individuals. The term business banking is also used interchangeably with commercial banking. Business banking is best for sole proprietorships, partnerships, limited liability…
How a Business Bank Account Will Benefit You Immediately
If you’re wondering if you need a business bank account and don’t know where to start, consider the benefits first. Business bank accounts help separate your business finances from your personal finances and help protect your company assets. These accounts also serve to simplify your taxes and allow you to build a banking relationship that…
When an Online Bank Is Right for Your Business & How to Use One Safely
Online banking is as common as banks themselves, but what is an online bank? Online banks offer banking products and services that help you maintain and manage your finances, such as checking and savings accounts, but without the physical locations of a traditional bank. Online banks sometimes have fewer account options, and cash deposits often…
CD vs Savings: Which Is Best for You?
Savings accounts and certificates of deposit (CD) are effective ways to help you save money and earn interest. CDs and savings accounts typically differ in interest rates and ease of access. It’s important to know the different features of each account type to find out which one works best for your savings goals. What Is…
What Is a Returned Item Fee?
A returned item fee is a term that refers to a penalty charged by a bank or any financial institution for a returned payment or bounced check due to insufficient funds (NSF) that failed to cover the transaction. A returned item fee typically ranges between $20 to $40 per instance, which may vary from bank…
What Is Overdraft Protection?
Overdraft protection is a term that refers to an optional service offered by banks to protect depositors against non-sufficient funds (NSF). For a fee, the bank will cover your financial transactions that exceed the funds in your account. Overdraft protection is an essential service if you need all your financial transactions to go through successfully….
APY vs APR: Learn the Difference
Annual percentage yield (APY) and annual percentage rate (APR) are both used to calculate interest on account balances during a one-year period. APY refers to the interest you can earn on your bank deposits and investments. APR is the interest that you must pay for borrowing money from credit accounts, such as loans, mortgages, and…
The 7 Best Ways to Earn Interest & Make Your Money Work for You
One simple way to earn interest and make your money work is to open interest-bearing deposit accounts. Whether it’s a basic savings account or an interest-earning checking account, it’s a convenient way to meet your savings goals and watch your funds grow. Since these bank accounts come in a variety of types, including certificates of…
What Is an Overdraft Fee?
An overdraft fee is a banking term that refers to the charges incurred when you don’t have enough funds in your account to cover a check, withdrawal, debit card payment, or auto-debit transaction. Overdraft fees are charged when the bank temporarily covers a financial transaction against insufficient funds, which causes your account balance to go…
What Is APY?
APY, or annual percentage yield, is a banking term used to measure how much interest you will earn on a bank account for one calendar year. APY includes the compounding interest, which is the interest paid on both principal and earnings. APY is calculated using the annual interest rate and the frequency of compounding periods…