Commercial Deposit Accounts (CDA)

–°ommercial deposit accounts are designed to help businesses seamlessly and efficiently manage their money.

Checking Accounts

A checking account is a special account of a legal entity or individual entrepreneur intended for storing funds, as well as for settlements and payments related to entrepreneurial activities.

The purpose of payments is the main difference between a current account for entrepreneurs and a bank account of an individual. To identify the client, the bank assigns him/her an individual account number. For the organization, this number is an important part of the bank details.

For individual entrepreneurs, a current account is a convenient tool for doing business. The current account can receive proceeds, it is easy to pay for goods and services (for example, rent), taxes and contributions to government funds from it.

What is a checking account used for?

To understand why an entrepreneur needs a current account, consider what it is used for. A current account allows its owner to:

Benefits of opening a checking account:

LLC does not have to think about whether to open a checking account or not. They are required to do so by law. Individual entrepreneurs have the right to choose, so they try to weigh all the pros and cons, correlate the benefits with the costs.

More and more individual entrepreneurs decide that it is necessary to open a checking account since it has a number of advantages:

Savings Accounts

A savings account is an open bank account that offers not only interest from keeping funds but also the ability to withdraw part of the deposit without losing them at any time.

A savings account resembles a demand deposit, but the rates are higher. At the request of the client, it can be replenished or withdrawn at a convenient time. As in the case of a regular deposit, the funds in the savings account are insured by the state.

Features of savings accounts:

Benefits of a savings account:

Disadvantages:

Certificates of Deposit

A certificate of deposit is a security that certifies the amount of the deposit made to the bank and the rights of the depositor (certificate holder) to receive the deposit amount and the interest specified in the certificate after the expiry of the specified period.

Certificates of deposit can be registered and bearer. They are issued only in documentary form.

The qualities of a certificate of deposit as a security give it a number of advantages over a deposit:

Advantages of a certificate of deposit:

Interest rates on a certificate of deposit depend on the term, deposit currency, and the amount of funds.