Can a business have a savings account?

Yes. If you’re a business owner, many banks will let you open a savings account online. However, some financial institutions may require that you go to a physical branch to open an account.

Do you have to pay taxes on a business savings account?

Yes. When you have a business savings account that earns interest, the IRS considers that earned interest as taxable income. You will owe taxes on whatever interest you have accrued in the account.

Should a small business have a savings account?

A few reasons why you should have a business savings account include the ability to be prepared for financial emergencies, to adapt to changes in the marketplace, and to position your business for growth.

What is a business savings account?

A business savings account is a secure place to keep and grow the money you have set aside for your business.

Can I use a personal savings account for my business?

While you can do it, there are several reasons to avoid using a personal savings account for your business. Having a business savings account allows you to keep that money separate from your personal savings, to make transactions in the name of the business, and it’s easier to keep transactions separate for tax purposes.

Business Savings Accounts

Name: Business Savings Accounts
Brand: Axos Bank

Drive More Success With Our Business Savings Accounts.

Harness the power of potential growth for your business with Axos Bank business savings accounts. Take your money further and manage your finances with confidence.

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