This post was originally published on On Deck
Starting a small business is no small accomplishment, especially when it comes to managing your finances. One of the first steps many new business owners take is to open a business bank account. There are many different types of accounts available, and it can be hard to determine which is the right fit for you.
Let’s take a look at some of the different types of accounts and how they could serve your business needs.
1. Business Checking Account
Business checking accounts are used for managing day-to-day expenses such as paying vendors, ordering supplies and covering normal business operations. They operate like a personal checking account but are often tailored for business transactions. While every financial institution is different, business checking accounts typically come with a business debit card for easy access to funds. They may also include features like unlimited transactions.
A business checking account is often essential to the daily management of your business. Plus, it helps keep your personal finances and business finances separate. When choosing a business checking account you may want to look out for maintenance fees, transaction limits, and other charges or fees.
2. Business Savings Account
A business savings account can help your
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