• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Operating Out of the DC Metro Area
703.436.4740
  • Careers
  • Blog
  • Press
  • Announcements
  • Find A Location
  • Contact Us
FVCbank logo

FVCbank

Success Has A Bank

Business Account Personal Account
  • About
    • Community Banking
    • Community Involvement
    • Directors
    • Executive Management
    • Governance Documents
    • Investor Relations
  • Business
    • Checking Accounts
    • Savings Accounts
    • Credit Card Services
    • Insurance Products
    • Loan Products
    • Merchant Services
    • Employee Programs
    • Order New Checks
    • Online Banking Services
  • Personal
    • Checking Accounts
    • Savings Accounts
    • Credit Card Services
    • Insurance Products
    • Loan Products
    • Retirement Accounts
    • Health Savings Account
    • Order New Checks
    • Online Banking Services
  • Interest Rates
    • Calculators
  • Careers
  • Find A Location
  • Contact Us
  • COVID-19 Updates
  • Account Login
    • Online Banking
    • Cash Management
You are here: Home / Business Banking / Why You Should Acquire a Business Savings Account

Why You Should Acquire a Business Savings Account

August 5, 2019

business owner holding money in a jarBusiness checking accounts are commonly used by business owners who want to keep their business funds separate from their personal funds. While checking accounts can be useful, they are not the only option to consider. A business savings account can be a superior option for business owners who want to reap the key benefits of both a checking and savings account. Learn more about business savings accounts, how they differ from business checking accounts, and how FVCbank can help you open a new savings account for your business.

What Is a Business Savings Account?

Savings accounts are generally used by businesses who wish to save their earnings for future business use. Similar to a checking account, you can easily deposit or withdraw funds as you need them. Most banks do not require that you deposit a large amount of money into the account, allowing you to gradually grow your savings as your business continues to grow.

While a business savings account is not mandatory for companies, most businesses find them to be highly beneficial. Whether you own a small business, a nonprofit organization, or are involved in a public or government agency, a business savings account can help you earn interest while providing a flexible way to manage your extra cash.

How Do Business Checking and Savings Account Differ?

a banker speaking to a business owner regarding a business savings accountWhile business checking and savings accounts have many similarities, there are some distinct differences to consider. Business checking accounts can be useful for managing everyday transactions, such as ATM withdrawals, purchases, and bills. However, most checking accounts earn little to no interest.

Savings accounts are better for earning interest and building money. As the bank wants you to keep your money in the account where it can build interest, there are often monthly limits on how much you are able to withdraw. You can find business savings accounts offering different rates, allowing you to earn money without any effort. How much interest your savings could earn depends on the balance and the current APY.

Why Open a Business Savings Account?

Opening a business savings account comes with countless benefits. First, having funds stashed away in an interest-bearing account can be invaluable in the event of an emergency. As a business owner, you need to be prepared for unexpected events. Any funds placed in a savings account are considered liquid assets, they can be quickly accessed to pay various expenses.

One of the biggest advantages of opening a business savings account is the ability to earn interest. Unlike most business checking accounts, savings accounts allow you to earn money by simply storing your funds in an account. While interest rates can range, most fall under 1 percent. Having a business savings account is also a great way to help you plan for retirement. While you might already have an established retirement account, such as an IRA, any excess funds you may have from your business can build over time, giving you extra security for the future. You can also feel good knowing your money is protected. All savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC).

What Perks Does a FVCbank First Business Savings Account Offer?

a business man holding a debit card from his savings accountA FVCbank First Business Savings Account offers a number of key benefits that can be tailored to your business’ unique needs and preferences. Some of these perks include:

  • No monthly service charges
  • Interest that is compounded daily and credited quarterly
  • Access to a free debit card
  • Six free automatic, preauthorized, telephone or online banking transfers per statement cycle
  • Automatic transfer between FVCbank checking accounts and/or automatic savings for Overdraft Protection

How Can I Acquire a Business Savings Account?

A business savings account is an excellent way to help manage your company’s money while taking advantage of interest earned on any balance. Having a business savings account also provides business owners with an extra cushion to confidently handle any unexpected expenses that may arise. Prepare for your business’s future by creating a business savings account today!

For more information or to acquire a business savings account, speak to the bankers at FVCbank.

Primary Sidebar

PPP Loan FAQ

Banking Hours

9am — 5pm EST
Monday — Friday
703.436.4740

If your debit card is lost or stolen after hours, please call our main line (703.436.4740) and you will be directed to the appropriate person.

Contact Us

Branch Locations

Conveniently located in your
neighborhood, we are right
around the corner.

Find a Branch

Footer

Quick Links

  • Press Releases
  • Online Security
  • About FVCbank
  • Forms
  • Privacy Policy
  • Accessibility
  • Mobile Banking Best Practices

Contact Us

Headquarters:
  • 11325 Random Hills Road
  • Suite 240
  • Fairfax, VA 22030
Phone: 703.436.4740

Subscribe to Our Newsletter

Subscribe to our newsletter to get the latest updates from our blog. We respect your privacy.
Member FDIC

On Monday January 18th, 2021 FVCbank offices and branches will be closed in honor of Martin Luther King Jr. Day. Branches and offices will reopen on Tuesday January 19th, 2021 at 9 AM.

© 2021 FVCbank · Powered by 321 Web Marketing