1. What Kind of Access do you Need to Your Money?
Being a small business owner, you need quick access to your money. As a small business owner, you’re in charge of paying vendors, hiring repairmen, and paying for business expenses.
For your day-to-day expenses, you’ll need flexible access to your account so you can complete your business transactions. We recommend Business Online Banking with F&M Bank. We give our account holders access to funds through traditional, digital, and online banking. And if you’re running an online business in Tennessee, an online business banking account is a must.
Keeping a large amount of cash with you at your place of business is also a security risk. So, for security and profitability, you can store non-essential cash or funds in one of our choice Business Checking, Business Savings, or Business Money Market Accounts. With these accounts, we’ll help you earn compound interest on your funds while keeping them secure and accessible through traditional and online banking.
How Can I Manage My Business Funds with F&M Bank?
Besides using your business debit or credit card, we offer the same online banking services to our business customers as we do to individual customers. That means you, as a business owner, can deposit checks, transfer money, make digital payments, and review your bank statements all from our banking app.
We offer all of these handy services to our small business banking clients to help you easily manage your cash flow. If you’re worried that the size of your business is a limitation–don’t! Our choice business banking accounts are available to all of our business clients.
2. Can I Save My Business Funds Long-Term?
It should go without saying, but businesses should save a portion of their earnings. Therefore, you should make sure your bank offers secure business savings accounts with competitive interest benefits.
We see successful businesses, both large and small, use business savings and investment accounts to secure their earnings. By saving money for your business, you’ll find it much easier to take care of tax payments, emergency events, necessary repairs, and more.
How Can I Compound My Savings and Prepare for Unprecedented Times?
As COVID-19 has taught us, having money saved can mean the difference during trying times in the economy. It’s not enough to only save money, you deserve an account that helps you build your savings with choice interest benefits.
At F&M Bank, we offer our business banking clients choice interest-bearing bank accounts and opportunities, including:
- Business Savings Accounts
- Money Market Accounts
- Certificates of Deposit (CDs)
- Treasury Bonds
- Mortgage Bonds
- Tax-Exempt Investments
Another reason to choose an interest-bearing small business bank account is your interest will help your savings keep up with inflation rates. We want to help you stay ahead of the times and see financial success for years to come.
What Limits and Requirements Will There Be For My Account?
Business checking and savings accounts usually have limits to how many no-fee transactions you can make per month. You’ll also need to consider the minimum amount you anticipate in your account from month to month.
Remember that a bank is a business too, so every bank will have some form of limitations on their accounts. To help you consider the requirements, limitations, and benefits of our business checking accounts at F&M Bank, you can use our Business Account Selector Tool to evaluate which account will work best for you.