When you’re trying to grow your business, saving money can be a challenge. There are always expenses that need paying and investments you could be making to help make your business more productive.
But cash is the fuel that keeps your business running, and having liquid savings on hand provides the buffer you need to stay operational even in lean times. Although many businesses live payroll to payroll, it isn’t ideal — especially if your goal is to keep expanding.
Developing a savings plan and regularly setting aside part of your profits is just as important for your business as it is for your personal finances. Not only does saving money help insulate your business from unforeseen emergencies, but it also gives you the flexibility to pivot when market conditions change, take advantage of acquisition opportunities when they arise and lay the groundwork for future growth. Smart business owners aim to save at least 10% of their monthly profits and keep at least six months’ worth of operating expenses in reserve.
The key to a successful business savings strategy is finding a deposit account that strikes the right balance between liquidity (for times when you need quick access to extra cash) and the highest possible return on investment to keep your money growing. A business money market account achieves that balance by allowing you to write checks and withdraw as much as you need while earning high-tiered interest on your balance.
What is a business money market account?
A business money market account is essentially a cross between a checking account and savings account. You can make unlimited deposits and access your money whenever you need it. While a money market account requires a higher deposit than a standard savings account, it also lets you earn a higher interest rate.
How can a money market account help your business?
The more your money grows, the more potential your business has to grow. A money market account is a safe place to let your business savings build while keeping your cash liquid.
When you park your savings in a money market account, it doesn’t just sit idle. It works on your behalf, earning interest at a reliable rate and offering you a stable foundation for business success. You’ll earn more interest than you would with a traditional savings account, but without taking on any of the risk associated with stock market investments. Meanwhile, your money remains accessible whenever you need it.
For business owners, a money market account offers peace of mind — and when you’re dealing with the day-to-day of running a business, that’s something you can’t put a price on.
Why choose OCCU for your business savings?
When you open a money market account with OCCU, you’re not just getting a place to park your business savings. You’re getting a financial partner who is here to support you and your business growth. Your success is our success, and we’re constantly looking for new ways to help your business thrive.
Through decades of partnering with local businesses in our community, we’ve gained a thorough understanding of what business leaders need — and we’re putting that knowledge to good use by developing financial tools that meet you where you’re at and grow along with your business.
Just as you invest your profits back into your business, we invest our profits back into our members by eliminating or reducing fees, offering affordable loans, and paying top-of-market interest rates on our money market accounts and other deposit accounts.
Discover how we’re here at OCCU to help your business grow. Find out more about our business savings accounts and contact our team today.