In business, one of the most important choices you can make is how to manage your company’s money. Whether your company is just starting out, looking to grow or ready for a major expansion, local business banking services can help support long-term success. Explore smart banking products and services from experts who truly understand your business needs.
Business Checking Accounts
What Is a Business Checking Account?
A business checking account is a bank account designed specifically to handle immediate business cashflow. This type of account will help you keep your business and personal finances separate, which is vital for legal, tax and other reasons.
Much like a personal checking account, you can use your business checking to deposit, withdraw and move money, pay bills, and more. They tend to have different fees and minimum balance requirements, depending on the type of business checking account you choose.
Types of Business Checking Accounts
Several types of business checking accounts exist for companies of different sizes and needs.
Free Business Checking Accounts
A free business checking account gives you access to many business banking features with no minimum balance requirements or monthly service charge. You may consider a free business checking account if you don’t want to worry about maintaining a minimum balance, you aren’t focused on earning interest on your account or you’re primarily using online banking features.
Business Interest Checking Accounts
A business interest checking account allows companies to earn interest on their checking account balance. This option is ideal for small businesses or sole proprietors who want to grow their balance over time but don’t have complex financial needs. A business interest checking account requires a minimum balance to avoid monthly fees.
Commercial Checking Accounts
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A commercial checking account is an option if your company plans to maintain a high account balance or expects a lot of account activity per month. Commercial checking accounts typically include comprehensive features and services for businesses that have more complex banking needs.
Business Savings Accounts
What Is a Business Savings Account?
A business savings account can help you maximize your cash flow and meet your business’ ever-changing needs in any stage of business growth. Depending on your goals, you can use your savings account to accrue monthly interest on your balance, help employees save for medical care, or simply keep capital liquid to quickly pay bills or other expenses.
Types of Business Savings Accounts
Multiple types of business savings accounts offer flexible and convenient features for businesses. In addition to a standard business savings account, you might also consider a money market account or a health savings account.
Business Money Market Accounts: A business money market account can offer a higher interest rate by requiring a higher minimum balance while still giving businesses easy access to capital.
Health Savings Accounts: Health savings accounts (HSAs), give your employees a way to save for out-of-pocket medical, dental, vision and mental health services (including prescriptions and over-the-counter medications). These savings are tax-deductible, and qualifying employees can easily access HSA funds with debit cards. Accounts also feature competitive interest rates plus low set-up fees and minimum balance requirements. These are only some of the reasons to consider an HSA for employees.
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Business Certificates of Deposit (CDs)
A business certificate of deposit (CD) is a safe place to invest and grow your business finances, whether you’re looking for a shorter commitment or long-term earning potential.
You may have previously considered putting money in a CD account or are looking to diversify your current investments even further. Whatever your goals, there are numerous things to consider when opening a business CD account. These include:
- CD rates are subject to change without notice.
- Early withdrawal penalties may apply to some certificates.
- Fees may reduce your earnings.
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Business Online Banking
Business Online Banking gives you 24-hour real-time access to your business finances the instant you need them. With powerful, convenient tools for cash-flow tracking and management, online banking can keep you and your money connected securely so you can drive your company’s success wherever you are.
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Online Business Banking Features
When you open a business checking account or business savings account with First Federal Lakewood, you get free access to all our Business Online Banking features — from our mobile app to QuickBooks® integration and other online banking features such as mobile alerts.
Business Online Mobile App
Access your online account immediately from your iPhone or Android device using our Business Online Banking Mobile App. The app gives you a fast, secure way to track and manage all of your transactions, from checks to deposits to money transfers, without ever slowing down.
QuickBooks Integration to Online Banking
Connect your business account to QuickBooks using our QuickBooks Direct Connect feature, available to all our business banking customers. With our QuickBooks integration to Business Online Banking services, your company can automatically download all business transactions to its QuickBooks account to:
Sync and streamline transaction information.
Eliminate manual accounting tasks.
Prevent duplicate transactions.
Additional Business Online Banking Tools
- Email and text alerts to monitor account activity.
- Business online bill pay to directly fund your company’s one-time or recurring bills.
- Check monitoring services to verify your company-issued checks or stop payments.
Get Started with Business Banking
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First Federal Lakewood’s business banking experts will meet with you to review your options for business banking, and when you’re ready, help you open an account. Schedule a business banking consultation at a branch near you.
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Apply for Business Online Banking
To apply for business online banking, contact your local branch or your relationship manager.
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Business Banking Resources
Get more insight with the tips and tools below, or browse our financial advice blog for expert advice on a full range of business banking topics.
Tools & Calculators
Determine Your Working Capital Requirements
The Value of Your Business
Accounts Receivable Analysis
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