Let’s make your money work harder for you. Created exclusively for sole proprietors and single-owner LLCs, our Small Business Checking Account will boost your money’s productivity with a high yield, no monthly maintenance fee and the essential banking services your business needs.
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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.
A minimum balance is one of the most common qualifiers for both a checking and savings accounts. For some accounts it’s simply the initial amount required to open the account, but others you might be charged a fee if your balance ever falls below that amount.
Some checking and savings accounts require a minimum number of transactions to be eligible for the account perks (like earning dividends, ATM fee reimbursement, etc.). Other accounts, like a Money Market, might restrict the number of transactions allowed in a month. Knowing these requirements up front will allow you to make an informed decision based on your business’s needs.
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.