If I plan to make all my purchases with a credit card (to build credit and earn points) and will have a savings account (to earn interest) where my checks will be deposited, would I still need a checking account for some reason?
If I plan to make all my purchases with a credit card (to build credit and earn points) and will have a savings account (to earn interest) where my checks will be deposited, would I still need a checking account for some reason?
What you want in your business is an operating account. Whether this is classified by the bank as a “savings” account or a “checking” account is a bank regulation issue, so just choose an account that matches your needs. However, most businesses at some point need to process bank transactions at scale, whether those are deposits, ACH transfers, wire transfers, whatever. It happens when you fund payroll, pay sales tax or payroll tax, receive payments or refunds, pay a loan, or engage in any transaction where a credit card won’t work. If your bank has transaction limits on savings accounts just be mindful of that.
Some lenders might not look at accounts classified as savings accounts when considering your creditworthiness, which is also something to consider.