Whether you are just now starting to save for your business or are interested instead in a higher yield, FDIC-insured savings option, First IB offers a business product that is right for you—without tying your funds up in the long term. All our savings accounts include free, unlimited access to online banking, multiple ways to make unlimited free deposits, and free electronic statements.
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Every business should have its own bank account. There are legal reasons to keep your personal and business funds separate as well as tax ramifications. It also simply makes good sense.
Your business may have some excess cash that you can earn some interest on by placing it in a business savings account until you need it. This type of account is also a great place to save for a long-term capital expenditure or future expansion.
While the documents required may differ across institutions, you will generally need to provide proof of your company’s existence. This can be done by submitting articles of incorporation, business licenses and director resolutions assigning banking authority.
If you are a sole proprietor, the way you use your business checking account depends only on your own guidelines. For easier and clearer bookkeeping however, it is wise to keep personal and business accounts separate.