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Do I Need A Savings Account For My Business?

For most Americans, a balanced banking relationship contains a combination of checking and savings accounts. Just as it makes sense for your personal finances, your business finances deserve the same diversification. It may seem convenient to use a personal savings account for business cash but combining your personal and commercial funds can create unwanted financial complications. Even if you’re a small business owner, it’s important to keep your business savings separate from your personal savings. A business savings account can help secure your cash and prepare your company for emergency expenses.

Can I open a business savings account?

Not only can a business open a savings account, you have many options to choose form. The best business savings account will be the one that fits your company’s needs. Some common types of savings accounts include:

Business Savings Account

A business savings account is an easy way to start saving for your business. It’s also gives you easy access to your cash. Be aware, some business savings accounts may require a minimum balance in order to earn interest. At CS Bank, our business savings account does not require a minimum balance to earn interest however, you will need a $100 opening deposit to open an account. Unlike other accounts that may tie up your savings, a commercial savings account allows you to retain easy access to your funds for all your business needs.

Business Money Market Account

When you invest your savings in a business money market account, you may receive a higher rate of return than a traditional savings account, however they usually have stricter opening requirements and higher minimum balance requirements. In a business money market account, your savings remain accessible should your business need to access them. CS Bank offers a few  options for a business money market account.

Business  Money Market – Enjoy the benefits of high interest while maintaining access to your company’s funds. Avoid the $12 monthly service charge by keeping a balance of at least $2,500 in the account. Enjoy tiered interest on your deposits. The more you earn!

Business Money Market Rewards – This account has the same great benefits of the Business Century Money Market, plus rewards. Earn rewards by maintaining an average monthly balance of $2,500 and keeping one recurring direct deposit or automatic draft tied to your account. You also get an additional interest tier when you keep $100,000 or more in your commercial money market rewards account. Avoid the $12 monthly service charge by keeping a balance of at least $2,500 in the account. 

Business Century Money Market Rewards earn the highest tier of interest when you keep $100,000 or more in your commercial money market rewards account. Earn rewards by maintaining an average monthly balance of $2,500 and keeping one recurring direct deposit or automatic draft tied to your account. Avoid the $12 monthly service charge by keeping a balance of at least $2,500 in the account.

Business CD

Investing your business’s savings into a business certificate of deposit (CD) is a reliable way to lock in a higher interest rate for a set period of time. You can achieve short-term or long-term business goals by setting some savings aside in a CD for 3 to 60 months at a time. Typically, minimum deposit requirements and interest rates vary by the length of the CD. Unlike other types of savings accounts, you won’t be able to access the funds in your CD before it matures without incurring an early withdrawal penalty. CS Bank CDs are 100% FDIC insured and insured through the CDARS registry service.

When Should I open a business savings account?

When your business is successful and you find excess cash in your business checking account, it’s time to consider opening a business savings account. In order to choose a savings account for your business, you’ll want to consider your company’s banking habits and needs.

How much money is your business ready to transfer to savings? This should be excess money that is not needed to pay monthly bills, payroll, or operating costs. The amount you put into savings will need to cover the minimum opening deposit amount and minimum balance requirement for your new account. Be sure to examine the account’s service fee schedule and withdrawal limits. If you need to access your savings often, be sure to avoid accounts with strict withdrawal limits.

How do I select a commercial bank?

It may be tempting to choose an online bank for your business savings accounts, but what will you do when you need to talk to a banker or access your funds in person? Consider choosing a local bank that you can trust. Your business deserves the security that comes with knowing that you can easily access your money and speak with a local banker.

When choosing between banks in Northwest Arkansas or Southwest Missouri, consider opening a savings account at the bank where you currently have your business checking account or business loans. You’ll also want to consider the interest rates offered as well as any fees that may be charged. The location of the bank is also important. When you run a business, time is money. Choose a bank with convenient locations and merchant services that save you time during the day. The best commercial banks will also offer online banking, cash management, and business credit cards that benefit your business.

For more than 110 years CS Bank has been helping local businesses grow and thrive. When you partner with CS Bank, you get more than a business savings account. Our dedicated employees will discuss the benefits of each account to ensure you choose the business savings option that will best support your company’s financial goals. We also have a suite of digital banking tools to help you manage your businesses income and expenses, including Autobooks for invoicing and Point of Sale (POS) activity.

What do I need to open a business savings account?

CS Bank is here to help you open your commercial savings account. Visit your local branch and choose the savings, money market, or CD account that is right for your business. Our commercial banking team will provide assistance each step of the way. You’ll need the following pieces of information to get started and additional information may be required.
  •  Social Security Number and IRS Tax Identification Number
  • U.S. Street Address for your business
  • Business Name
  • Legal Name
  • Date of Birth
  • Driver’s License
  • Initial Deposit to open account
  • Supporting documents such as Articles of Organization, Operating Agreement, Beneficial Owners Information of 25% or more 

Talk to a Business Banker in Northwest Arkansas or Southwest Missouri

CS Bank has been trusted by local businesses and the community since 1912.Big or small, your business banking is in safe hands at CS Bank. If you’re considering opening a local business, check out “Is Now the right Time to Start A Business?” If you’re ready to explore commercial savings options for your business, our friendly employees are here to help. To learn more about business savings accounts or to apply for a business savings account, contact us today. With seven convenient locations in Northwest Arkansas and Cassville, Missouri; we are here to help your business succeed. Stop by one of our convenient locations in Eureka Springs, Harrison, Huntsville, Holiday Island, Berryville, or Cassville. It’s time to get your business savings started!