Business Savings FAQs

What is a business savings account?

• A business savings account is specifically designed for businesses to set aside funds not needed for immediate expenses. It allows businesses to earn interest on their surplus of cash while keeping it separate from their primary operating funds.

Do I need a business savings account?

• While not mandatory, having a business savings account can be highly beneficial. It helps you manage your cash flow by keeping your savings separate from your day-to-day operating funds. This separation can make it easier to save for taxes, emergencies or future investments.

How much should a business have in savings?

• The amount a business should keep in savings depends on its size, industry and goals. A typical recommendation is to have at least three to six months' worth of operating expenses in savings to cover unexpected costs or downturns.

How much are the monthly fees associated with business savings accounts?

• If you maintain a minimum daily balance of $500, you are not required to pay a monthly maintenance fee. The maintenance fee for accounts holding less than $500 daily is only $15 per month.

How do I open a savings account for my business?

• To open a savings account for your business, you'll need to provide documentation such as your business license, tax identification number (EIN) and personal identification. This can be done in person at your nearest Seacoast Bank branch.

Can I deposit checks into my business savings account?

• Yes, Seacoast's business savings accounts allow you to deposit checks into your account. You can use Remote Deposit Capture with your personal device to upload a photo of physical checks and deposit them directly into your account.

What is a business Money Market account?

• A business Money Market account offers higher interest rates than a standard business savings account. It combines features of both savings and checking accounts, allowing you to earn interest on your balance while also providing check-writing and debit card capabilities.

Are business savings accounts FDIC-insured?

• Yes, business savings accounts are FDIC-insured up to $250,000 per depositor, per insured bank, and per ownership category.

Can I link my business savings account to other accounts?

• Yes, you can link your business savings account to other accounts, such as your business checking account. This allows for easy transfers between accounts and can help streamline your financial management. Visit Seacoast business online and mobile banking to get started.