Starting a business is exciting! But managing your money from a personal bank account can create confusion and risk. Business banking helps keep your finances organized, protects your personal assets, and sets your company up for growth.
How business accounts help you grow
A personal bank account covers everyday expenses like groceries, utilities, and vacations. Business accounts, however, handle revenue, vendor payments, payroll, and long-term planning.
Opening a business account gives your company structure and credibility. It also connects you to important tools like business credit, higher transaction limits, and access to loans. And when tax time arrives, you will be glad you kept your business funds separate.
What you need to open a business checking account in Maryland
While a personal checking account usually needs just your ID and an initial deposit, a business checking account may require extra documentation to establish ownership and safeguard your business.
- Employer Identification Number (EIN) or Social Security Number (for sole proprietors)
- Business formation documents, such as Articles of Incorporation or Partnership Agreements
- Proof of ownership or authority to act on behalf of the business
These documents help confirm your identity and support account security.
How to choose the right business checking account
Not every business checking account is the same. The best fit depends on how your business earns and spends money. Start by looking at your transaction volume, how often you need access to cash, and whether you want to earn interest on your balance.
Earn more with 2% APY* on business checking accounts
At SECU, you can open a business checking account that grows with you. Business interest checking lets you earn 2.00% annual percentage yield (APY) on your checking balance, with no monthly maintenance fees and cash back on debit card purchases. That means your everyday banking works harder for your business while keeping costs down.
Pairing your business checking account with business savings options, including a high-yield money market, or CDs, also helps you prepare for the future. Whether you need quick access to funds or want predictable growth, you can choose the right mix to match your goals.
Built-in protection for your business
Business checking accounts offer additional safeguards that personal checking accounts do not. With business banking, you can set up fraud monitoring tailored to business transactions, grant secure access to partners or employees, and maintain clear separation of funds to protect your personal assets if challenges arise.
Tips for managing your business finances with confidence
Once you open a SECU business banking account, small habits can make a big difference in keeping your money secure and your business on track.
- Build reserves on autopilot by automating transfers from checking to savings.
- Spot issues early and keep cash flow clear by reviewing your accounts monthly.
- Strengthen security as your team grows by setting up fraud alerts or multi-user access.
The goal is simple: make your accounts work for you.
Grow your Maryland business with SECU
Choosing the right account is one of the most important decisions you’ll make as a business owner. Our business checking account options helps you keep finances separate, build credibility, and stay ready for growth.
Start earning more and protecting your business today by opening a business account that works for you.
