ALMA Business Blog

Should You Have a Business Savings Account?

Posted on 7/30/2018

Is your business ready for what might be next? Will it be a surprise opportunity for growth requiring a cash investment or perhaps an emergency? A business savings account lets you prepare your business for whatever might come along, so you can face tomorrow with confidence and peace of mind.

Businesswoman balancing her accountsConsider some of the important reasons to have a business ­­­­savings account:

Have Emergency Cash on Hand: To meet urgent and unplanned situations or events. You may want to consider building up at least 6 months of operating capital to cover your monthly expenses (rent, mortgage, payroll, etc.) in the event of a slow season or business downturn.

Security: ALMA Business Savings Accounts are FDIC insured – total deposits in eligible business accounts (from a corporation, partnership, LLC or unincorporated organization) are covered up to $250,000. Use the FDIC estimator tool to calculate the coverage of your business accounts at an FDIC insured bank.

Earn Interest: Unlike cash that might be sitting idle in your business checking account – when you put your money in a business savings account, it earns interest.

Easy Access: You can withdraw money whenever you want or need it. Business savings account are typically accessible fast with online banking, business debit cards or mobile apps. 

For Future Needs: You can also create a business savings account for your future needs, such as an expansion or buying new / replacement equipment. This way you don’t need to borrow money which you will have to pay back with interest. You can also invest in your business in other ways – like hiring new people or run marketing programs that will expand your customer base.

For Taxes: Some businesses can get so caught up in running their day-to-day operations they may not be mindful about their tax liabilities. But when tax season rolls around, the IRS, state and city tax authorities will expect your tax bill be paid in full. A business savings account is a great place to hold your money for quarterly or annual tax payments. Be sure to talk to your accountant about how much you should be putting away each month – a rule of thumb is 30%.

ALMA Bank offers a full range of business savings accounts to help you meet your financial goals, and give you more peace of mind at the same time.

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