Company Savings Plan
The greatest approach to keep your personal and company money separate is to open a business savings account. Creating your account requires a few steps, so be sure you remember them all.
It is a bit more difficult to register an account now because of the 9/11 events. You should be prepared to provide proof of identity for both you and your company.
It may take slightly longer to obtain the necessary documentation, but if you are a legal business owner, this should not be an issue at all.
Opening a business savings account is as easy as following these steps:
1. Gather all of your company's paperwork in one place before you visit your neighborhood bank or go online. A copy of your company license, your social security number, your employment identification number, your driver's license, and, if relevant, your articles of organization will be required.
If you collect all of these items before going to the bank, you will save a lot of trouble and time.
2. A simple online search can yield results for several online banks that could be suitable for your business account. If you want to use many of them, you will have to prove your identity.
Occasionally, they may request that you send funds from an offline account or even fax a canceled check.
3. It is a good idea to examine rates and terms from other banks online, even if you are planning to open an account at a local bank.
You can still find rate and charge schedule information on the websites of many brick-and-mortar banks. You may rest easy knowing that your company account is getting the finest pricing and conditions possible without having to do as much errand-running.
The minimum amount required to open an account is one of the factors you should consider. Different banks or credit unions may have vastly different policies on this.
If the minimum required deposit at a particular bank is too high for your budget, you should seek out another, more reasonable option.
You should also be aware of the liquidity of your funds. What is the maximum frequency for accessing your savings account? What fees will be applied to your account if you require access to funds more frequently than that?
What about making deposits when you open an account online?
Before you open your account, there are a lot of things you should consider.
Keep yourself well-informed about your business at all times. Invest the necessary effort into researching and selecting the most suitable business savings account type. The interest rate is only one factor to think about.
