[SBE16-Board] SBE16 Banking Thoughts

[Jon Kasprick - SBE]

Mike, and Board,

The online banks that I use for High Yield Savings accounts don't offer
business accounts (must have an SSN). But, here's a link to a related
article:
 https://www.nerdwallet.com/article/small-business/business-savings-accounts

I have personal and business accounts at BECU. They offer CDs and Money
Market accounts that are about 1% lower than the internet-only banks, but
much better than traditional banks like BoA.  Their current 6-11 month CD
is @ 3.61% without "Member Advantage". Member Advantage requires monthly
activity - almost any kind of transaction - which we don't do. I
have confirmed that these rates are available to business-only accounts.

I would recommend putting $8k of the Scholarship account into a high-rate
CD (12-mo or less) with automatic rollover. The rest into an MM account.
I would also recommend putting most of the regular business account into a
separate MM account. Keep about $1000 in a Business Savings/Checking
account for writing and depositing checks.

Funds can be freely moved between Savings/Checking and MM accounts with
online BECU transfers (up to 6 transfers per month).

BECU allows multiple accounts of various types per user/business. One can
have a "Business Savings" and multiple "Money Market" accounts (and CDs)
all easily managed online.

Regardless of which 'bank' we choose, it MUST be FDIC, or NCUA, insured
(good to $200k)

For BECU, here are a couple links:
Business Account Forms: https://www.becu.org/support/business-forms
Business Account Rates: https://www.becu.org/-/media/Files/PDF/9115_SBS.pdf


*Jon Kasprick, PE, CBRE, DRB*

*Society of Broadcast Engineers*
*Chairman, Chapter 16, Seattle*
253-951-3347
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