What should i have?
If you run a small business, you probably need to open at least four accounts: a checking account, an operating account, a savings account, and a tax account. Having these four different types of bank accounts can help you stay organized and keep track of your money, as well as reinforce liability protections for your company.
A Checking Account
The first how many business bank accounts should i have you should open is a checking account. It gives you a place to store cash, pay bills, and manage payroll. It also helps separate your personal and business finances, making it easier to accurately track cash flow and expenses.
One or Many? Determining the Right Number of Business Bank Accounts for Your Company
Many small businesses prefer to open a savings account for extra money that they can keep in the bank for a rainy day or other emergency. Some banks offer savings accounts with high interest rates, while others have minimum balance requirements or limit the number of withdrawals and deposits.
A Money Market Account
There are many types of money market accounts, and some may be better for you than others. They are often a hybrid between a checking and a savings account, but they might require a higher daily balance or earn lower interest than a traditional savings account.
A Certificate of Deposit (CD)
Finally, you should consider a certificate of deposit for your small business. These are typically more stable than other accounts and may earn higher interest than a regular savings account, but you must hold them for a set amount of time.