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Just like a personal savings account does, a business savings account lets you set money aside for future needs and growth.
This business savings account is ideal for small-saving businesses.
A business savings account lets you earn interest on money deposited into the account. Maximizing your cash flow, saving for taxes and funding growth needs are easier when you have money that’s not only set aside but also growing on its own.
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A business money market account can offer a higher interest rate by requiring a higher minimum balance while still giving your business easy access to capital.
If you’re able to maintain a larger balance, a money market account will give you a higher interest rate. Higher interest rates means your money grows faster while still offering you access to your capital if you need it.
A health savings account (HSA) gives your employees a way to save for out-of-pocket medical, dental, vision and mental health services (including prescriptions and over-the-counter medications).
HSAs are a beneficial investment choice, both for the person investing and the employer who offers it. There are numerous tax advantages. For the investor, funds go in tax free. Those pre-tax dollars then earn interest as they grow, plus they aren’t included in income taxes. Depending on the employee’s situation, they can adjust contributions to help determine their taxable income bracket. Our accounts feature competitive interest rates plus low set-up fees and minimum balance requirements.
When eligible medical expenses arise, the fund is there to pay for them. Qualifying employees can easily access HSA funds with debit cards, and the withdrawals are tax free. Unused funds continue to grow just like they do in other retirement accounts like a 401(k).
The employer who offers an HSA offers their employees the opportunity to participate in a financial product designed to help make medical expenses more affordable and contribute to their retirement investments. Better compensation options help in recruiting and retaining better employees. Everybody wins!
Helpful links:
Reasons to choose a health savings account for your employees
Compensation Basics
Attracting and Retaining Quality Employees
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