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Small Business Savings Accounts
Planning for your future starts now. BankUnited’s small business savings accounts and business deposit services offer competitive interest rates and flexible terms that keep your money working for you. Choose the right savings strategy for your business.
BUSINESS SAVINGS ACCOUNT
$100
minimum opening deposit
- $5 monthly maintenance fee - Avoid maintenance fee by maintaining minimum daily balance of $500 or minimum monthly balance of $1,500
- No Transaction Limits
- Interest Bearing - Paid Quarterly
BUSINESS MONEY MARKET ACCOUNT
$100
minimum opening deposit
- $15 monthly maintenance fee - Avoid maintenance fee by maintaining minimum daily balance of $2,500
- No Transaction Limits
- Interest Bearing - Paid Monthly
BUSINESS CERTIFICATE OF DEPOSIT
$1,000
minimum opening deposit
- $0 monthly maintenance fee 0
- Interest Bearing - Paid Monthly or Quarterly
- You may not make any deposits into your CD Account before maturity. You may not make withdrawals of principal from your CD Account before maturity unless we consent and an early withdrawal penalty may be imposed. You may withdraw interest that has been credited to your CD Account before maturity.
Cash Flow Tools
Integrated Business Banking
Enhance your small business savings accounts with solutions that support daily operations and long term growth. Pair your savings strategy with accounts designed for flexibility and efficiency.
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Everyday Banking
Business Checking Accounts
Manage daily transactions while keeping your savings intact with a business checking account designed for flexibility and control.
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Optimize Cash Flow
Treasury Solutions
Streamline your business deposit services with tools that help manage liquidity, payments, and cash positioning more effectively
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Small Business Savings Money Market and CD Account Banking FAQs
Get answers to common questions about small business savings accounts, business money market accounts, and CDs. Learn how to choose the right option to support your financial goals.
A business savings account typically offers straightforward interest earnings with lower balance requirements, while a business money market account may offer higher business money market rates with higher balance thresholds.
Business CD accounts allow you to deposit funds for a fixed term in exchange for a guaranteed interest rate. Funds are generally not accessible until maturity without a penalty.
To open a business savings account, you typically need business formation documents, an EIN, and an initial deposit that meets the minimum requirement.
Transaction capabilities may vary by account type, but BankUnited offers flexible options within its business deposit services to support your needs.
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3 Reasons Why You Need a Small Business Checking Account
Jul 16, 2024, 11:00 AM
Title :
3 Reasons Why You Need a Small Business Checking Account
Bank united author :
Kristi Waterworth from The Motley Fool
Featured :
No
Display order :
Check out 3 reasons why your small business needs a small business checking account.
Owning a small business can be really challenging -- especially if you're still in the "wearing a lot of hats" phase, which some businesses never leave. You might find yourself in the same boat, handling all kinds of tasks, including your own bookkeeping and accounting. There’s not a lot to it, but it still must be done.
One of the smartest moves you can me as a business owner is getting a small business checking account, even if you’re a solopreneur. A lot of solos don't bother, they just use their personal accounts for everything and spare themselves the minimal monthly fees.
There’s a lot of value in having a dedicated business account, or even a set of them, though. Here are three top reasons that everyone with a small business should invest in a single small business checking account, at minimum.
1. Access to small business services
You may not think you'll ever need small business services through your bank, but what happens if you do, and you can't access them because you've never had a small business account? Well, that's what happened to a lot of people during 2020 and 2021, when the Paycheck Protection Program was in full swing. Companies that never needed a small business loan before were struggling and even going under for lack of income.
But here's the real kick in the pants: If they didn't have access to small business services through their bank, they also couldn't access PPP loan money very easily. Many small business owners were distressed when they saw how many of their fellow writers couldn’t get a hand when they needed it because they didn't qualify as small businesses through their banks. They could apply, of course, but they had to do it through other channels and risk being put on the back burner.
You could get your funds almost immediately if you had a small business relationship with your bank in the form of small business checking -- and this can be invaluable in times of need.
2. Simplifying your bookkeeping
If you're a solopreneur, you're probably also doing a lot of your own accounting, or at least your bookkeeping. If you don't collect sales tax, it's not super complicated. One way to make this job a lot easier on yourself is to have a small business checking account.
Not only can you use the small business checking account to bring all your income through one door, so at the end of the year you only have one account to scour for income that you might not have gotten a form from a client about, but you only have one account for outgoing funds, too. Some people have two small business checking accounts for this -- an account payable and an accounts receivable. But if you don't have a lot of transactions, just one business account is enough.
Either way, with small business checking, you can pay your vendors, and yes, even the IRS, out of your small business account, and not have to worry about your personal account accidentally being overdrawn if you make an accounting error while shuffling between both sides of your life.
3. Establishing business legitimacy
We all want to be taken seriously in our business pursuits -- and there are certainly ways to look more legitimate. Uniforms for our staff members, fancy business cards, and even a really well put together digital presence are vital, but the appearance of legitimacy a business checking account can provide cannot be overstated.
With a business checking account and business checks, every paper payment (and some electronic ones) says, "I am a regular, normal business, I am not just a person hiding in the bushes pretending to work." As shallow as it is to say the appearance of legitimacy matters as much to your business as actually being a legitimate business does.
These days, it’s hard to know who is for real and who isn’t – scammers are everywhere. But with a dedicated business checking account, people can contact your bank, check that your account is real, and further build up your reputation when they discover that yes, you are the genuine article. Word does get around.
Having a business checking account is a way to simplify your accounting, to give yourself more legitimacy, and, yes, even provide access to business services you may have never considered you might need.
Ready to take the next step for your business? Check out BankUnited’s business banking services today to see how they can support your growth and simplify your financial management.
This article was written by Kristi Waterworth from The Motley Fool and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.
topic :
- Small Business
media :
- Article
Rates and annual percentage yields (APYs) are effective as of the date indicated and are subject to change without notice unless otherwise stated. Fees may reduce earnings on the account. Products, services, fees, terms and conditions are subject to change. Certain restrictions and limitations may apply. Contact BankUnited for complete account details.
Please review the see our Deposit Account Agreement, Business Schedule of Fees and Funds Availability Disclosure for complete details.