FAQs

Yes, businesses can open savings accounts to securely store funds, earn interest, and manage financial goals. Business savings accounts are typically designed for both large and small businesses. These accounts require specific documentation, such as a tax identification number (EIN) and business formation documents.

Opening a savings account for your LLC is a good idea. A savings account helps separate personal and business finances, build an emergency fund, save for future expenses, and earn interest on cash within the account.

Yes, to open a business savings account at Texas First Bank, you will need to provide your EIN, business documents such as Articles of Incorporation or Articles of Organization, the business owner’s government-issued identification, as well as any other documents you are advised by one of our bankers to provide. This may include, but is not limited to, a Certificate of Good Standing, Business License, information about other owners, or business statements.

Yes, at Texas First, we have business savings, business money market, and business CD accounts that all offer interest.

To apply for a business savings account, please visit one of our 26 convenient banking center locations or contact us to set up a business concierge appointment for us to come to you.

Yes, money market accounts are generally considered to be safe. They are insured by the FDIC up to $250,000. Money market accounts offer quick but limited access to your funds. Because they are a savings account, they are limited to 6 free withdrawals a month. However, money market accounts are unique in that they allow you to write checks for withdrawals and typically earn higher interest rates than standard savings accounts.

• Savings Accounts: A basic account to store and manage your funds, easy access to money, standard interest rates, and limited withdrawals.
• Money Market Accounts: Often offer higher interest rates than a traditional savings account, check-writing privileges, limited withdrawals, and higher minimum balance requirements.
• Certificates of Deposit (CDs): Fixed-term accounts with higher interest rates; funds cannot be accessed without penalty until maturity.

There’s no specific limit to how many business savings accounts you may open. Opening multiple savings accounts may be helpful for separating funds and managing savings. However, if you intend to use the accounts for regular transactions, we recommend you open a business checking account.

Yes, depending on your situation, your small businesses can open high-yield money market account. A high-yield savings account will offer better interest rates than standard savings accounts.

A business money market account provides check-writing capabilities.

We typically recommend for business to keep three to six months’ worth of operating expenses in a business savings account to cover unexpected costs, emergencies, or slow periods. You can reference the chart listed about with the minimum balance requirements for each of our accounts.