If you run a business or make financial decisions for your company, you may hear the term ‘business savings account’ and wonder if it is for you. There are many things to consider when making that decision.
First, to understand what a business savings account is, it’s essentially a place where businesses can store money during times where they have a comfortable amount of cash on hand.
Storing these funds in a business savings account can provide many opportunities, such as bearing interest, just like a personal savings account that most people are familiar with. They also provide safety and security, and many are insured so that the underlying government will guarantee your funds, something that is very important in these volatile economic times.