Open a bank account

You can open a business account when you are ready to start accepting or spending money as a business. This will help you in staying legally compliant and protected, and it will also benefit your customers and employees.


Types of business bank accounts

The most common business bank accounts are:

  • Current account
  • Savings account
  • Credit card account
  • Commercial service account

The commercial service account gives you the right to accept credit and debit card accounts of clients.

Benefits of business bank accounts

  • Protection. Business banking offers limited personal liability protection by keeping your business funds separate from your personal funds. Merchant services also offer purchase protection for your customers and ensure that their personal information is secure.
  • Professionalism. Customers will be able to pay you with credit cards directly to your business instead of directly to you. In addition, you will be able to authorize employees to handle day-to-day banking tasks on behalf of the business.
  • Preparedness. Business banking usually comes with the option for a line of credit for the company. This can be used in the event of an emergency, or if your business needs new equipment.
  • Purchasing power. Credit card accounts can help your business make large startup purchases and help establish a credit history for your business.

Find an account with low fees and good benefits

Some entrepreneurs open a business account at the same bank they use for their personal accounts. Rates, fees and options vary from one bank to the next, so shop around to ensure you get the best fees and benefits.

When opening a business checking or savings account, there are a few things to keep in mind:

  • introductory offers;
  • interest rates for savings and checking accounts;
  • interest rates for lines of credit;
  • transaction fees;
  • early termination fees;
  • minimum account balance fees.
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