How to Use a High-Interest Savings Account to Save Money for Your Small Business

Not everyone can get a loan for their new business.

But that's where a great savings plan can help.

In fact, you can use a high-interest savings account to create solid financial goals for your new business without begging the bank for a high-interest loan or asking your family members to fund your latest venture.

Here's how:

Set tangible goals for your savings account.

A specific goal like “save 5,000 in my savings account in 12 months” is easier to plan for than just saying you want to put a few dollars aside for your business. Whatever number you choose, divide this number by 12 to set a yearly goal for your high interest savings account.

Plan on building a reserve of 6 to 8 months of your salary to help sustain your life and business during hard economic times. If you are on a limited budget, set aside no more than 10 percent of your salary to stash in your high-interest savings account.

Put bonuses and raises into your small business fund.

While it is great to place 50 to 100 dollars in the account for your business, your paycheck might not stretch enough to cover the necessities like food, water clothing and shelter– and saving for your new business.

When you get an extra windfall of cash for a job well done, put this money in your small business savings account to help finance your new business.

Check out trusted industry websites for the best high-interest savings rates.

Visit a trusted financial website like or Kiplinger's Personal Finance or Bankrate.com. These websites list the highest-paying FDIC-insured savings and money-market accounts in the financial industry.

Investigate a minimum of 5 banks — that have competitive rates for their high-interest savings accounts– before you make a final decision.

Consider online banking to manage your new business savings account.

If you are happy with online banking for your personal checking and savings account, online banking institutions, like FNBO Direct, ING Direct, or eTrade, are great options for managing your account.

If you feel more comfortable with a personal banking experience,scour the web to find local banks near your home that you can develop a relationship with.

Final High Interest Saving Account Tips for Your Small Business:

•  Online banks typically pay much higher saving account rates due to low overhead costs.
• Check for changes and fluctuations in your interest rates. Your bank can change rates without prior notification.
• Before depositing any money in your high-interest savings account, verify your financial institution's past performance.

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