Dec 9, 2023
Today, I'm diving deep into the world of business savings accounts and how you can make your money work harder for you and your faith.
With interest rates climbing, I've scoured the market to find the best options for your business savings – and I can't wait to share these gems with you. Whether you're a seasoned business owner or just starting, this episode is packed with valuable insights and practical tips to enhance your financial stewardship.
Key Topics and Questions:
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The State of Business Savings Accounts: How have rising interest rates affected the options available for business savings? I delve into the current landscape.
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Discovering High-Yield Options: I share my personal journey of finding business savings accounts that offer more than the standard 0.1% interest rate, including some that offer up to 4%.
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Bank Selection: Why did I choose Relay Bank for my primary business checking account, and what makes them stand out in the market?
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Top Business Savings Accounts: I discuss my top picks, including LiveOak Bank, Axis Bank, and the unique Wesleyan Investment Foundation.
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Balancing Returns and Risks: Understand the balance between high returns and the security of FDIC insurance.
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My Personal Finance Moves: Find why I chose the bank I did my business savings and why I didn't choose the other options.
Resources Mentioned:
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Relay Bank: A standout option for business banking with a savings rate higher than most.- https://seedtime.com/relay/
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NerdWallet Article: Provided crucial information in my research for high-yield savings accounts- https://nerdwallet.com/best/small-business/business-savings-accounts
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LiveOak Bank: Offering a 4% business savings account and a 6-month business CD with over 5% interest.- https://liveoakbank.com/business-banking/business-savings/
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Axos Bank: A good choice for those with an existing personal account, offering a 4% business savings account with a $5,000 minimum deposit.- https://axosbank.com/Business/Small-Business-Banking
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Wesleyan Investment Foundation: A unique investment opportunity for Christians, offering up to 6% interest while supporting church loans.- https://wifonline.com/
(Please note: links mentioned may be affiliate links which help us support our podcast and website. Thanks for your support!)
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