5 Reasons Why Every Photo Booth Owner Should Be Using A High Yield Savings Account For Their Business
If you are running a photo booth business, you are well aware of the constant need for investment in new equipment, marketing, and other expenses to keep the business running smoothly.
While you may be tempted to leave your business profits in a regular bank account, it is not the best idea. Instead, consider using a high-yield savings account (HYSA) to help your photo booth business and profits grow.
Not sure what a HYSA account is? Click here for a quick overview, or keep reading below for our rundown.
Here are a few reasons why you should use a HYSA for your photo booth business:
1. Higher Interest Rates
A HYSA typically offers higher interest rates than a regular bank account. This means that your money will earn more interest over time, helping your business to grow faster. With a higher interest rate, you can compound your earnings, which means that your money will grow even faster.
2. Easy Access To Your Money
Many HYSA accounts offer easy access to your funds, which means that you can withdraw your money quickly and easily when you need it. This is important for a photo booth business, which may need to access funds quickly for equipment repairs or other business expenses.
3. No Pesky Fees
Many HYSA accounts do not charge fees for maintenance or transactions. This means that you can save money on fees and put more of your profits back into your business. With no fees, you can keep more of your hard-earned money and use it to grow your business.
4. Safe & Secure
A HYSA account is generally considered safe and secure, as most are FDIC-insured up to $250,000. This means that even if the bank fails, your money is protected. This is important for a photo booth business, which may have a large amount of cash on hand. On a side note, checkout this recent article that talks about why you shouldn’t be storing your money in Venmo or PayPal (hint: on top of not earning interest, it has to do with both of those not being FDIC-insured.)
5. Helps With Budgeting
By using a HYSA account for your photo booth business, you can keep your business profits separate from your personal funds. This makes it easier to budget for your business expenses and keep track of your financial progress. With a clear understanding of your business finances, you can make better decisions about how to invest in your photo booth business in ways that help it grow.
In conclusion, using a HYSA account for your photo booth business can offer many benefits, including higher interest rates, easy access to funds, no fees, safety and security, and improved budgeting. If you’re like me and you love the idea of making more money while you sleep, then be sure to consider opening a HYSA account because it can assist with just that.
Want to know which two high-yield savings accounts I personally enjoy using because they have a high interest rate that allows me to maximize my business profits? Important to note: I am not an affiliate of either of the banks below, nor do I receive monetary compensation for recommending them. I just genuinely really enjoy using them and have had a positive experience so I want you to know about them too! Just be sure to read the fine print before signing up for either of them, or any HYSA in the future.
4.95% APY as of June 24th, 2023
Requires you deposit $5,000.00 minimum to activate above APR (if you deposit less than this you get stuck with a super low 0.25% APY)
Please note: I am not a financial advisor, CPA, accountant or attorney and this blog is not financial, acounting or legal advice. It is educational in nature and I encourage all readers and photo booth businesses to consult with a local financial advisor, CPA, accountant or attorney in their state if they have questions.