7 reasons to have a business savings account
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Find out how a business deposit account streamlines accounting, protects your funds and more.
Most new business owners set up a checking account to handle incoming and outgoing payments. However, many overlook the benefits of having a business savings account. Here are seven reasons to set up a business deposit account.
Establish your business as a separate entity
A separate savings account helps establish your business as a separate entity in the eyes of the IRS. Plus, it streamlines accounting.
A clear view on profitability
A deposit account solely used for your business will make it easier to determine how much profit your enterprise generates.
Be ready to pay taxes on time
As surely as autumn follows summer, taxes must be paid. By setting aside funds in a savings account, you’ll be prepared to pay taxes as they come due.
For future projects
A business savings account is a great way to set aside funds for projects outside your regular budget. Grow your business savings so you can build a new app, office or line of business.
Prepare for the unexpected
We’ve all heard how it’s important to save for rainy day. COVID-19 has taught us that it’s even wiser to be ready for a rainy season or even a rainy year. With business savings in place, you’ll be better prepared for unexpected expenses and market turns.
Another plus to having a business savings account is the interest you’ll earn. Check out our competitive rates for business deposits.
Protect your money
Business savings accounts at Consumers are insured for up to $250,000 by the NCUA (National Credit Union Administration), an agency of the U.S. government.
Get started with a Consumers business savings account today.
Federally insured by NCUA