Why you need business savings

When it comes down to it, the reasons to have a business savings account are the same as the reasons to have personal savings: You’ve got big plans for your business and your savings will help make them a reality. Saving also allows you to absorb the unexpected, making emergencies more manageable.

If you need more reasons to start your business savings account, here they are:

  • New equipment, a new location or new employees will all help your business grow and savings can make these additions happen.
  • The money you’ve saved makes your business look good. Sometimes it’s a loan that’ll take your business to the next level, and savings show lenders – like Affinity – that you’re a good bet and a responsible money manager.
  • You get sick, there’s a fire or something critical breaks down. Money in the bank will help you jump just about any hurdle the business life can throw at you.
  • Businesses often run on cycles. If you set aside money when business is booming you’ll have the resources to survive if things slow down.
  • A savings account separates your savings from your operating funds, so it’s a lot harder to accidentally spend it. In a savings account, your money’s still liquid so, even though it’s been set aside, it’s within reach when you need it. 
  • Savings earn interest and that means more money for your business.

If you’re looking to learn more about Affinity savings accounts, call our Contact Centre at 1.866.863.6237.