Business Savings Account

Businesses set up business savings account to be able to transact smoothly with customers and associates. It is used by businesses, big or small, for the purpose of securing their funds and growing their money. The common criteria in choosing a bank with business savings account are: the one that offers good, if not the best, rates; the one that has excellent customer service and finally the one that is still on the competitive side. It is commonly better to open a savings account in the same bank where business/customers hold their checking accounts. But profit wise, businesses can also look for other banks that can bring them higher returns.

The following are two of the well-known online banks in the United States that offer the top yielding business savings account.

Fidelity Investments has a special savings account for businesses called the Fidelity Account for Business. Businesses can avail of this product by visiting their website page or chatting with a live representative. A minimum of $2,500 is required to open an account and has remarkable accessibility features that are perfect for business. Businesses can conveniently transfer money online to their account and they can also request for an ATM debit card for other transaction purposes. Other than that, Fidelity promises tools and educational materials to help customers/businesses to select appropriate investments, assess opportunities and develop effective investing strategies. They also have a 24-hour accessibility. Customer reviews about this bank is positive so far making it one of the trusted banks in America.

Another best loved bank for its Orange accounts is ING Direct. A member of FDIC, ING Direct provides a savings account that has flexible savings option to businesses that are sole proprietorship, partnership, limited liability companies, corporations and non-profit organizations. Effective March 2, 2010, Orange for Business offers an annual percentage yield of 0.95%. The account can be accessed by up to three people and each account holder has a separate PIN and Customer Number, thus adding more security for the businesses' funds. Customers will start by linking their existing checking account with the new Business Savings Account. Deposits and withdrawals between the checking and the Orange account can be done on their website conveniently. ING Direct has an around the clock accessibility feature and customers can speak to an Associate 8 AM to 8 PM daily.

Business savings account promises an increase in return on investment or ROI of a business. With the growing revenues of businesses, it wouldn't be appropriate to just leave the idle funds sitting in their checking accounts. It is true that these funds in the checking accounts are used for emergencies, but having a savings account can do both. Savings account provides a liquid investment that would allow customers to withdraw anytime they want and leave the rest of the funds to grow. Interests provided by banks form part in a business' revenue, which in turn increases the profit.