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Starting a business takes guts, determination, and a good chunk of cash. Initially that money usually comes straight out of your pocket or from funds you’ve borrowed from friends, family, or your financial institution. 

Surviving, rather than saving, might be the first thing on your mind if you’ve just started a business, but having money in the bank is critical to fuelling your company’s day-to-day growth and ensuring its long-term success.

Business savings accounts come in several varieties, each designed to do different things with your money. For business owners, choosing the right one is essential for long-term success.

Naturally, your savings needs evolve as your business changes and matures. At one time you might be looking to maximize earnings to help your business expand. At another, you’re trying to build a financial cushion to get you through the lean times.