What Are the Different Types of Business Bank Accounts?

Before you decide on a business bank account, it’s worth reviewing its requirements Generally, businesses need one or more business bank accounts. A business checking account serves as the temporary holding account for your income. It can also be used to pay operating expenses. Other business bank accounts include business savings accounts, business CDs, and merchant accounts. Merchant accounts are necessary if you plan to accept credit cards from customers

Business checking accounts provide a convenient way to receive funds and make payments. Some checking accounts earn APY on any balance. These accounts have fewer restrictions and allow for multiple withdrawal methods. You can also get a higher interest rate on these accounts. Whether you need a business checking account for a personal or a corporate account, a business checking account may be the best option. Regardless of your business needs, this type of account can help your company stay on top of its finances

A business money market account is similar to a savings account but has some features of a checking account. It earns a competitive interest rate and is better for keeping profits than spending them. However, this account has several drawbacks, including limited access and high minimum deposit requirements. While business money market accounts can be convenient, you should remember that they are not suitable for daily operations. If you’re thinking of opening a business money market account, be sure to ask about fees and requirements before you commit

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