The 5 Bank Accounts Every Small Business Needs

Do you know where your money goes the moment you make it? Do you have a plan for that money before it even hits your account? Are you keeping your money in the right place?

If you're like most small business owners you are likely focused on just one side of the money equation - the making of the money. Rarely are we thinking about where to put that money once it's been made.

Today I want to share with you the 5 types of bank accounts you should be putting your money in each and every month so that you can avoid tax issues, build wealth, and have peace of mind.

[jessicacruz]

Found your channel just this week, I am a self employed independent hairstylist with an LLC and i am so happy I found you. I have my business accounts opened already keeping my business separate from my personal but I want to open a retirement account asap. I appreciate you and the info you share! Thank you for being upfront and real about running a business! You’re great!

[martyclement]

Great stuff as always, I’ve been diving deep into your podcast, I started at episode 1 and I’m up to episode 7, I’ve been learning lots!

[themoneyfinderic]

Very nice! Over the years I have divvied up my finances into over 20 different accounts. It makes it much easier to know exactly where your money is going.

[jessicajackson]

This is so so so helpful! There is not enough conversation in the entrepreneur world about money and finances.

[ExplanatoryLive]

More episodes like this, please. Would like to learn so much more about this. Need to open up at least 3 new accounts this week after watching this.

[rgregoryrowley]

This is great content that we often do not hear from others. Thanks

[GilPolkMusic]

STELLAR. This week you've inspired me to head to my SBA and register my music activity as a business. Then I'll speak with my banks from your video bare bones checklist. Thank you Graham

[StephaniePerry]

Thank you for this Graham! I JUST opened 2 new savings accounts for my business last night...taxes and regular monthly expenses. Time to get started on my homework. I'll definitely open the longterm savings account. And I'll do some research on a beginner investment account. 💗

[GAMAschool]

what do you use to make your downloadable guides? and why am I having such a hard time figuring it out!?!? :-) thanks in advanced

[frankiecruz]

Question if I may: If I have a Tax-Withholding account for taxes, then what advantage is there to go tax-deferred for my Retirement account such as a Traditional IRA or 401K? If I'm covering my taxes (more or less) with my Tax-Withholding account, shouldn't I look into something tax-free (i.e. Roth IRA) instead of tax-deferred? Thanks in advance and kudos for another outstanding video.

[TomSharples]

Just opened my business checking with MONZO here in the UK has loads of great features such as automatic Tax savings when I deposit funds. Will be setting up my emergency savings next. Thanks for all the help :)

[allisonlrichard]

Am researching savings accounts to open and am curious the difference between ones that are specifically labeled business savings and ones that are general savings. Is it necessary to have one the bank considers a “business savings”? I’m not seeing any benefits but want to make sure I’m not missing anything.

[mercyjalpert]

Graham, do you a list of the best 5 Free Business Checking accounts? Enjoyed your video and found it helpful. Tax Withholding Bank Account is one I haven't opened yet.

[bobupgren-SDL]

Hey Grant, love your stuff. Do you ever do coaching/consulting for ministries and/or non-profits?

[ellend]

if I already have a Roth IRA, do I need to open up a new retirement account or can I have money funneled to that from my s-corp account? Thank you, Graham! I'm a new viewer!

[CBIWebServices]

Re-watching this, and I have a question: Are the Emergency Savings and Long-Term Savings accounts for the business only? Or are they/can they be used for personal expenses as well?

[bernicegyasi]

Only God knows how long I have been searching for you after listening to you on a friend’s phone 😩😩😩

[charwalter]

I’m opening up my accounts today, just needed to know what to open.

[ElephantManPodcastNetwork]

Great work. The content is great. Free content is great paid content must be amazing.

[amylockett]

QUESTION -
So I've made every single classic mistake you've warned small business owners about. I'm heavily in personal debt and have been using all the business money to live on and pay debts and use my partners wage to pay staff.. is there any coming back from this? I feel like I'm in too deep to turn this around!!