A business deposit account with your own name is an important part of any small business. When you open a deposit account, it gives you the option to keep your money safely and securely in your own account. You can also use this account to receive payments from customers or suppliers.
There are different types of business deposit accounts available online. You can open an online savings account, a checking account, or a business bank account.
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Savings Accounts: A savings account is perfect for short-term investments or to leave money aside for rainy days. Interest on a savings account is usually low, but some banks offer higher rates if you have good credit history. There is no minimum balance requirement, so you can open one with as little as $100.
Checking Accounts: A checking account is great for day-to-day transactions. You can use it to pay bills, shop online, and withdraw cash. Most checking accounts come with free electronic statement printing and free access to ATMs worldwide.
Business Bank Accounts: A business bank account offers many of the same benefits as a regular bank checking account plus added security features such as overdraft protection and 24/7 customer service. You will usually need to meet specific criteria such as having a business license or being in business for at least six months. Minimum opening requirements vary by bank, but generally range from $50 to $1,000+.