Live Oak Bank
Log In
  • Live Oak Bank
  • Loans
  • Personal Banking
  • Business Banking
  • Resource Center
  • Contact
  • Loans
  • Personal Banking
  • Business Banking
  • Resource Center
  • Contact
  • Get Started
  • Log In
  • Get Started

Stay up to date on PPP loans and forgiveness.

PPP Resources

Banking Resource Center / 4 Signs You Need A Business Savings Account To Stop Scrambling For Cash

Business Savings

4 Signs You Need A Business Savings Account To Stop Scrambling For Cash

Written by Live Oak Bank

Every small business owner knows what it’s like to have to scramble quickly and unexpectedly for something.

In many cases, that quick, unexpected scramble is for cash. With a safe, interest-bearing, FDIC-insured savings account solely created for your business the last-minute scramble for unforeseen expenses can be a thing of the past.

Here are 4 signs That you need a business savings account:

  • You continually find yourself in emergency cash flow situations.
    As a result, you to dip into personal savings or other non-business related accounts. In these times, having a business savings account can give you a place to turn – and peace of mind – when unforeseen business expenses present themselves.
  • You lack an effective business plan.
    Because there’s no contingency fund that business savings could otherwise help build. Without a safety net, taking measured risks to grow or expand your business is a step that’s all the more difficult to take.
  • You can’t build or boost your credit, or get a loan, because you can’t show sufficient assets.
    A healthy balance in a business savings account shows banks and lenders you’re serious and able to pay back borrowed money.
  • You’re sleepless during tax season.
    Often one of the most nail-biting times for entrepreneurs, tax time can cause a wide range of financial unknowns. Tax nightmares can be swapped for sweet dreams with steady deposits over time. Give yourself the peace of knowing there’s money earmarked for the IRS in a safe and secure savings account.

The Bottom Line of business savings

If you’re often scrambling to make ends meet with your business – or even if you’re not – opening a savings account for your business is definitely worth considering. As a result, it will give your business more market liquidity and financial stability while keeping you out of the egg beater!

 

What’s next?

To partner with Live Oak Bank open a safe, high-yield, FDIC-insured savings account today, visit liveoakbank.com/business-banking. It takes just a few minutes. Or, to speak directly with a Customer Success Manager about your savings account, call 866.518.0286.

Tags: Business Savings, business savings account, FDIC, FDIC deposits insurance, FDIC insurance, savings

« Why Open A Business Savings Account
 
How Employee Engagement Drives Growth for Your Business »

You are about to leave the Live Oak Bank website.

Disclaimer: This link will take you to a website outside of the Live Oak Bank site. The new site may offer a different privacy policy and level of security. Live Oak Bank is not responsible for the products or services that are offered or expressed on other websites.

Yes, I understand. Please continue.

Access your Bank Accounts

Personal Banking Login Business Banking Login

Access your Loan

Loan Login

To log in, please enter your username.

Please enter your username. Cancel

About

  • Advantages
  • Board of Directors
  • Corporate Social Responsibility
  • Investors
  • Leadership

Resources

  • Careers
  • Contact
  • Impacts Map
  • Media
  • Research
  • Privacy & Security
  • About
    • Advantages
    • Board of Directors
    • Corporate Social Responsibility
    • Investors
    • Leadership
  • Resources
    • Careers
    • Contact
    • Impacts Map
    • Media
    • Research
    • Privacy & Security

© 2021 Live Oak Banking Company. All rights reserved. Member FDIC. Equal Housing Lender.

Learn about your California consumer privacy rights & submit a personal information request.