Business checking accounts pay 0% interest. Have any small business owners looked at having a savings/money market account for the extra cash the business keeps on hand for expenses/payroll? Is it at the same bank as your checking account?
The big banks are great for business checking, but not savings. Some local banks offer higher yields, up to 3.5-4%, but the downside is dealing with local bank technology, which is nowhere near as nice as big bank technology.
I've looked at the Fidelity business account, but I want an actual bank account, not a brokerage. I can't get the Amex checking account because I had one way back when it first opened, and apparently you can't close the account and open a new one, even years later.
Any suggestions on good (non-Fintech) savings/money market accounts for business? Do you keep your savings at the same bank as checking? Is a business savings even worth it for a single owner company?
The big banks are great for business checking, but not savings. Some local banks offer higher yields, up to 3.5-4%, but the downside is dealing with local bank technology, which is nowhere near as nice as big bank technology.
I've looked at the Fidelity business account, but I want an actual bank account, not a brokerage. I can't get the Amex checking account because I had one way back when it first opened, and apparently you can't close the account and open a new one, even years later.
Any suggestions on good (non-Fintech) savings/money market accounts for business? Do you keep your savings at the same bank as checking? Is a business savings even worth it for a single owner company?
Statistics: Posted by MtnTravel — Fri Aug 23, 2024 8:33 am — Replies 7 — Views 274