A business savings account is basically a special bank account that a retailer can use to store future profits for future use. When you need cash quickly, you could easily and conveniently access cash from your business savings account. Saving is not easy for many retailers. But, often times regularly saving small amounts of cash can help a retailer keep long term financial health. In addition, when a retailer can easily access funds in a moments notice, the retailer can take advantage of special wholesale and closeout buying opportunities. While retailers can set up lines of credit from their banks, or utilize business credit cards, these financial options carry fees and interest, while a business's savings account can be accessed without paying any fees or incurring interest charges.

Small business owners have lots of options available to them. They can choose bank branches with physical locations or online services. The majority of banks offer both physical branches, and online access, for retailers who are looking to transact financial transactions, such as making deposits or accessing funds. There are many banks that have good reputations for working with small businesses. In New York, some of the top rated small business friendly banks include, Chase, Santander, Brooklyn Cooperative Federal Credit Union, First Republic Bank, Carver Federal Savings, Signature Bank, and Citibank. 

There are also purely online based banks, such as Marcus.com and Chime.com

Most banks today have a hybrid mix of both physical and online operations. If you are a boutique owner looking to do a great deal of online banking, you might want to consider Axos Bank, who was rated as the top provider of online banking in 2021 by Forbes.

Business savings accounts help your retail business in several ways. It allows you to separate your personal and business finances. By putting personal tax payments into your savings accounts, you'll be able to make sure your taxes are taken care of. And by depositing your business tax payments, you'll be able to avoid having to pay to find funds on April 15th, or on the day that your taxes are due.

Another way that a savings account helps your retail business is by providing you with an emergency fund. In case your small business needs funds for unexpected expenses, such as if your store experiences a flood, you can get the emergency funds you need. Even if you have insurance, it can take time to receive the funds from an insurance company, time which you cannot afford if it means having to close your store until repairs are made. A savings account also can make it easier for you to borrow from your bank, since your bank can more easily see the financial health of your business. On a positive note, your savings can allow you to purchase a closeout offer that must be sold immediately. 

There are different types of business savings accounts available. If you're going to open an account for your business, you must decide which type will be best suited for your business. If you're looking for an easy way to deposit non cash payments, check out an online account. You'll find many online banks that allow you to deposit your payments electronically. With this type of account, you don't have to worry about remembering to deposit a check, or going to a physical location to fill out a deposit slip.

If you'd prefer to deposit your payments in person, consider a bank checks. These types of accounts are available at many branches. Depending on your location, you may not be able to get all of the checks available. You can get access to a small number of high-dollar checks, and checks with higher denominations. While some banks offer free checks, many banks charge for checks. You can purchase checks for your business from companies such as Checksforless.com, Deluxe.com, and VistaPrint.com 

Many banks also offer debit cards that work like credit cards. The only difference is that business debit cards do not offer credit, meaning that you are limited by the funds in your account. You use the debit card to make purchases. Make sure to read the terms of service of any online or bank cards, as some cards may have limits on how much you can spend. Be careful about overspending because these types of cards often have late fees and penalties for overdrafts. You can find amazing deals on business credit cards, since many banks offer amazing rewards programs for their credit cards, such as Capital One, who offers 2% cash back on all business purchases, and CitiBusiness's AAdvantage Platinum Select Mastercard, which offers a frequent flyer mile program.

If you're unsure about the type of account that you need, you should start by talking with a financial advisor or accountant. He or she can tell you what type of account is right for you. Keep in mind that as the cash flow of your store increases, or as you expand from brick and mortar to online sales, you might need a different type of account, or you might even need to switch your banking to another financial institution. 

Before you decide whether or not to open a business savings account, make sure to research online banks or online lending institutions. There are many reputable sites that can give you helpful information about online banks. Find out what their terms of service are and what they charge for online banking.

Some online lending institutions also offer business checking accounts. Check around and see which banks offer this type of service. You can save a lot of money by doing business with online businesses rather than local banks. You can also save time, as you won't need to fax paperwork or go through a tedious in person application procedures.

Many banks will offer you a higher interest rate on your business savings than your traditional checking account, but can charge a small fee if your balance falls under a certain preset amount. For example, as of the time of writing, CIT Bank is advertising that the interest rate on their business savings account pays 7 times the national average interest rate.

Many banks can offer you a sign up bonus for opening and maintaining a new savings account. For example, at the time of writing, M&T Bank is offering a $600 bonus for new business savings accounts, and Citibank, through its CitiBusiness offers, is offering up to $2,000 for new account holders. You can always ask the branch manager of your local bank about any bonuses or incentives that your bank is offering to new or current business customers. Banks are businesses, and therefore will work hard to attract, and keep your store's business accounts.