5 Financial Accounts Every Business Needs

piggy banks with spreadsheets and calculator
May 11, 2022

Every business needs financial accounts to operate smoothly. However, not every entrepreneur understands the different small business bank accounts that contribute to the success of their business. Each serves a unique purpose to help you effectively manage your cash flow.

This guide will help you understand the five types of business accounts every company needs, including advantages and disadvantages to make an informed decision.

1. Business Checking Account

A business checking account may be the first type of account opened by small business owners. It’s the most flexible cash strategy in terms of how to deposit funds, withdraw cash, make payments and transfer money. It typically comes with a debit card and checkbook for easy access. 

But they have their limits. Before choosing a bank, look into its ATM network and any fees or transaction limits. 


  • Low opening deposit
  • Unlimited access to funds
  • FDIC insurance


  • Funds don’t earn interest

2. Business Savings Account

A business savings account is similar to a personal savings — you can stash away idle cash and earn interest on your funds. Business savings accounts are a step up from business checking accounts which are typically 0%. 

You have limited access to your cash, too. Most business savings accounts don’t let you write checks or make ATM withdrawals. Plus, federal law says you can’t have more than six withdrawals per month without incurring an extra fee.


  • Higher interest rates on deposits
  • Great place to save for quarterly estimated tax payments


  • Higher opening deposits
  • Limited access to funds

3. Business Treasury Account

Treasury accounts are more than a financial trend. They can take your business finances to the next level and turn your funds into revenue. 

Using treasury as a service (TaaS), you can outsource your treasury management and earn higher returns on your cash deposits. For example, a Treasure Reserve Account lets you earn  up to 3.25% APY which is up to 100x higher yield than a traditional business bank account.*  Plus, your money is accessible within two business days.


  • Zero upfront cost, all management fees are included 
  • 2 day liquidity on High Yield account
  • Maximize return on cash
  • Improve cash flow
  • Easy access to funds
  • Pure revenue from an idle asset


  • Cash can take up to 2 days to access

4. Business Credit Card Account

A business credit card has many of the same advantages as a personal credit card. It can help you manage your company’s day-to-day business expenses while increasing your purchasing power and helping your business establish a credit history.

But they often come with high interest charges and late fees if you don’t make timely payments. 


  • Increases purchasing power
  • Helps establish credit history for your business
  • Rewards Program


  • High interest charges

5. Business Merchant Account

A merchant services account is a must-have if you plan to accept debit and credit card payments from your customers. 

Square, PayPal and Stripe are common providers but watch for fees before deciding on one. You may be charged transaction fees, address verification service fees, ACH daily match fees and monthly fees if your business doesn’t meet the minimum required transactions.


  • Enables credit and debit transactions from customers
  • May include virtual terminals, POS systems and card-reading hardware


  • May incur high monthly fees.

Even if you already have a business checking, some of the different types of bank accounts for business may be worth opening. Each can help your business run more smoothly and lead you to long-term financial success. It all depends on your company's specific situation and overall financial health. 

For a safe place to deposit your money, open a Treasure account. We’ll be your financial steward and help your business generate more revenue. Open a Treasure account today!

*Based on the yield of the funds offered by Treasure as of 3/31/2022  Source: Bloomberg.

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