Company savings

On the road to business success that we are already witnessing as entrepreneurs, we have the need to consolidate organizational aspects that constitute the solidification of any type of business. We have a good track record where the flow of capital has been important, but have we taken into account the company's savings? If it has been overlooked, it is time to take it seriously. The capital that we have managed to accumulate and do not use to sustain the business is highly recommended to put it in a high yield business savings account. This is one more opportunity to make our money grow while we are fully working on our business.

Business savings account.

It is good to know that a business savings account is different from a checking account. Business savings accounts are designed for the storage of money that remains as a result of the company and that we will not use to cover any expenses, that is to say, an excess of capital that when deposited in the bank generates interest on the amount that we have.

A current account does not generate interest in the long term, since its purpose is the flow of money. Another important point is that commercial savings accounts only allow us a withdrawal limit once the deposit is made, unlike a checking account.

High-yield savings account.

High yield savings accounts offer a higher interest rate than other types of savings accounts. It is primarily preferred by investors and entrepreneurs who want to grow their capital while keeping it in savings. One of the characteristics of this type of account in which a high yield deposit fund is required as its name indicates is that, in case your bank goes out of business, it guarantees the protection of your funds as well as their availability. The advantage of these savings accounts is that their interest rate is 1-2 percent, obtaining greater annual guarantees than other accounts where you only get the annual benefit of 0.06 percent of our deposited amount.

Compound interest.

As we know there is an interest on our money deposit, but there is also a compound interest rate that can further increase our fund. Compound interest allows us to generate interest on savings and even on the interest it provides. In some cases banks require payment of fees on transactions regardless of the interest rate. The restrictions of the high yield accounts limit us to transfer, issue checks or withdr