The business bank account will let a partnership or an organization to perform financial transactions under an official business name. Personal bank accounts must be separated from business bank accounts for tax purposes and easy monitoring of your business revenue and expenses.
Business Account Types
Checking Account – This will allow a business to deposit and withdraw funds and cash from a bank via ATM cards, checks, or electronic debit cards. Some checking accounts may require a minimal deposit prior to establishing a new account while the others may only require proof of identification and business.
Savings Account – This is an interest-bearing business option maintained primarily by a financial institution. It will provide business a constant stream of interest by managing the liquid assets of a business. This account is not linked with debit cards and check books. Some institutions may require a minimum deposit that must be maintained at all times.
Certificate of Deposit (CD) – This is a time-bound bank-issued instrument of debt. This can be used by putting aside a part of liquid assets for a certain period of time. Also, it bears a maturity date that determines the interest rate accumulated upon maturity. Businesses today can choose from a wide range of CDs.
Trivia Info Resource: www.business.hsbc.ae