Banks are not all about lending however, as they have other aspects that you might also be interested in taking advantage.

Operating accounts

As mentioned in the basics section, having an operating account is critical to your day-to-day operations, and in some cases mandatory to have it separated from your person.

The primary benefit of the account is the separation, as you will be able to have all your business transactions in an easy place for your bookkeeping needs. Lastly there are tons of perks of having an operating account that can be combined with other partnering businesses, as well as help with specific transactions.

Savings accounts

A great account to use if you have a surplus of cash and want to earn interest on the balance. They are also a great place to store your HST or other funds that may be required to be paid back.

Investment accounts

Just like in your personal finances, your business can also have investments, such as holding assets like GIC’s to help earn a bit more of an interest rate. To learn more about investment accounts reach out to your local bank.