Business Banking. Savings Account

Savings accounts are typically used to keep some money on the side for tax, unexpected expenses, security and interest earning purposes. Savings accounts are limited by law to 6 electronic withdrawals per month. In addition, banks may oppose other restrictions on transactions. Banks pay higher interest on savings accounts and in return try to limit withdrawals and conduct of daily operations from the savings account. Since savings accounts are no linked to debit cards and checks cannot be written from it, they are considered more secure. Businesses will often leave the necessary for daily operations in the checking account and move the rest to the savings. Similar considerations discussed in the checking accounts page should be made when choosing the bank