Which Savings Account is Right for My Business?

Let your money do the work for you so you can focus on running a successful business. Building and growing your savings in a savings account will help protect your business in case of an emergency where you need easy access to funds or just to have a bigger financial cushion. It’s important to choose a savings account that suits your business plans and assists in its growth. 1st Choice Savings offers three different savings accounts for you to choose from. See the features of the Business Daily Savings and the Business Premium Savings account below.

We recently introduced a new and improved type of Business Savings account. We are offering a premium savings account that is designed to elevate your business and maximize your growth. As the funds in this account grow, so does your interest rate. See below for how this new account works. Please note that the interest rates for our Business Growth Account are subject to change at any time. For the updated rates, please click here.

What do I need to open a business savings account?

Every financial institution requires different documents when opening an account, so the best course of action is to call ahead of time for details. Some commonly required documents may include the following:

For sole proprietorships:

• Business registration or license

• Trade name (if applicable)

• Corporations

• Organizations

Parterships and limited partnerships:

• Partnership registration

• Partnership agreement if provincial law doesn't require registration

Invest in the future of your business

Opening a saving account for your business will give you easy access to your invested funds and allow you to separate everyday funds and rainy-day funds. If you’re ready to kickstart your savings, book an appointment with a business advisor today.