The 3 accounts that your business needs for success! 😎🔥

18 Nov 2024

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This short transcript outlines a simple three-account business banking strategy: 1) an Everyday Transactions account (with a card) used for spending; 2) a Warchest online savings account (no card, typically high-interest) for reserves; and 3) a Tax/GST online savings account (no card, typically high-interest) to hold tax obligations. The speaker says they will specify weekly percentage allocations next. The guidance is practical and minimal: keep it simple with just these three accounts.

Keep it nice and simple. Three accounts. Everyday account, Warchester Account, and a Tax account. The first account is a Everyday Transactions account. Now the Everyday Transactions account will have a card associated to that, and that'll be like your Spendings account. The second and third account are going to be online savings accounts. You do not get a card associated with these accounts, and they're usually high interest accounts. So if you do have some money in there, you'll get some bonus interest from the bank. Now the the first online savings account is going to be an account called Warchest. The next account is going to be a Tax and GST account. Okay. Now I'm going to tell you what percentage you should be putting away each week into those accounts, but that's all you need.