I've currently got a hodgepodge of accounts at BoA, a regional bank, and Fidelity because no one bank or brokerage has been able to fit our needs. Because of this, my setup is getting unwieldy and I'd like to find a better solution.
Ideally, I'd like to have business and personal checking at the same place while still getting yield on idle business cash. I am currently earning around $2,400 a year from my regional bank's business money market account, but their digital tools are terrible. Quickbooks is always disconnecting and their 2FA is e-mail (which concerns me).
I'd have everything at BoA but their business accounts have small transfer limits from business to personal accounts, and there's no option for higher yields on business accounts. So I'd be giving up $2,400/year in interest on idle business cash and have to deal with writing myself checks every time I did a shareholder distribution.
Chase is compelling for business and personal checking, but if I went that route, I'd end up with three brokerages (Merrill, Chase, and Fidelity) and two banks (BoA and Chase). Plus, I'd still have 0% yield on idle business cash. (Merrill won't open a business brokerage for my company).
Has anyone with a business found the ideal account setup?
I am really considering switching from Fidelity to Vanguard and opening an organization account. I know it wouldn't sync with our accounting software, but manually reconciling that account wouldn't be too bad.
Ideally, I'd like to have business and personal checking at the same place while still getting yield on idle business cash. I am currently earning around $2,400 a year from my regional bank's business money market account, but their digital tools are terrible. Quickbooks is always disconnecting and their 2FA is e-mail (which concerns me).
I'd have everything at BoA but their business accounts have small transfer limits from business to personal accounts, and there's no option for higher yields on business accounts. So I'd be giving up $2,400/year in interest on idle business cash and have to deal with writing myself checks every time I did a shareholder distribution.
Chase is compelling for business and personal checking, but if I went that route, I'd end up with three brokerages (Merrill, Chase, and Fidelity) and two banks (BoA and Chase). Plus, I'd still have 0% yield on idle business cash. (Merrill won't open a business brokerage for my company).
Has anyone with a business found the ideal account setup?
I am really considering switching from Fidelity to Vanguard and opening an organization account. I know it wouldn't sync with our accounting software, but manually reconciling that account wouldn't be too bad.
Statistics: Posted by NYCaviator — Wed Oct 02, 2024 6:33 pm — Replies 3 — Views 161