{"id":74231,"date":"2023-07-26T08:10:00","date_gmt":"2023-07-26T08:10:00","guid":{"rendered":"https:\/\/businessyield.com\/?p=74231"},"modified":"2023-10-17T20:45:47","modified_gmt":"2023-10-17T20:45:47","slug":"understanding-specialized-types-of-business-bank-accounts","status":"publish","type":"post","link":"https:\/\/businessyield.com\/education\/understanding-specialized-types-of-business-bank-accounts\/","title":{"rendered":"Understanding Specialized Types of Business Bank Accounts","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n
When running a business, it’s essential to separate your business finances from your personal finances. This practice is useful for accountability in your business and helps you organize your taxes and open business lines of credit. It is also required in order for you to access various types of loans. However, it is not enough to just walk into any bank and open any type of business account\u2014it is ideal to have an understanding of the different accounts, banking requirements, rules and regulations<\/a>, what type of account you need, and how this account is operated by different banks.<\/p>\n\n\n\n There are different types of accounts\u2014checking, savings, or investment\u2014with varying requirements that yield different benefits and results. At first, entry-level business checking and savings accounts may seem very similar to regular checking and savings accounts, but as the company grows, your banking needs will change.<\/p>\n\n\n\n Here are some things you need to know and consider before deciding which account best suits your business needs.<\/p>\n\n\n\n This is the most common business account, and it’s similar to a personal checking account, but it may have higher monthly fees, balance requirements, and more limitations. Generally, this type of account requires an opening deposit or a monthly minimum, but some are free and waive such requirements.<\/p>\n\n\n\n Supporting your day-to-day business finances is easier with a business checking account<\/a> from a reliable institution like Western Alliance Bank. They offer a variety of checking and other specialized bank accounts, among other quality services, for corporations and business owners. Accounts like these allow multiple ways to manage transactions, such as online banking, mobile banking, and the use of cards, checks, and wire transfers. The biggest limitation is that there’s no interest in your funds. Some interest-bearing checking accounts exist, but they are rare and have low-interest rates. <\/p>\n\n\n\nTypes of Business Accounts<\/span><\/h2>\n\n\n\n
#1. Business Checking Account <\/span><\/h3>\n\n\n\n