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Sterling Bank of Asia business bank accounts for September 2022 in the Philippines

Open a business account at Sterling Bank of Asia. On 25.09.2022 there are 1 options available to you.

Offers: 1

Updated:
29.08.2022
04:42
Sterling Bank of Asia
Duo Checking Account
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

₱5,000 minimum balance to earn interest
Rate
i

Effective interest rate on the product

0.25% per annum

Other types of business bank accounts

How to open a business bank account

Fill out your application
Fill out your application

On our website you can fill out a short application form for a business bank account.

Send your application online to the suggested banks
Send your application online to the suggested banks

After the parameters being checked, you will be able to send your application to the appropriate companies.

Wait for a response from the bank
Wait for a response from the bank

If necessary, a bank specialist will contact you to clarify the details.

Open your account!
Open your account!

Sign the contract and open your account online or at the bank's branch.

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Sterling Bank of Asia business bank accounts for September 2022

A Sterling Bank of Asia business bank account is a bank account that is used exclusively for business purposes and not personal finances. It can be opened in the business's name so that payments can be made and received in the business name. Business bank accounts are very close to personal bank accounts because they operate similarly.

Types of Sterling Bank business bank accounts

Sterling Bank business checking account

A Sterling Bank business checking account is the most flexible of all business bank account types. It has the least restrictions on what you can do with your own money. It allows you to withdraw funds in multiple ways, including electronic transfers, wire transfers, checks, and ATM and debit card transactions, so it's a fantastic place to stash the funds you need to cover your business expenses. For topping up your checking account, you have several options, including electronic transfers, mobile check deposits, wire transfers, and branch or ATM deposits if your bank allows them.

Sterling Bank business savings account

Sterling Bank business savings accounts are a better choice for operating profits you don't intend to use shortly. They allow you to earn a good interest rate on your savings but with limited access. Federal law limits you to six free cash withdrawals per month, and most business savings accounts do not allow using checks or ATM cards to withdraw cash.

How to apply?

Sterling Bank makes opening a business bank account straightforward. To start the process, open an account online or at a local branch. The following documents are required when opening a business bank account with the bank:

  • Employer Identification Number (EIN) (or a social security number for sole proprietors)

  • Your business's documents

  • Business license from SEC

Requirements to apply for a Sterling Bank business loan

  • Articles of incorporation of the business

  • Certificate of registration with the Securities and Exchange Commission (SEC)

  • Corporate by-laws.

  • The board resolution that is fully notarized and incorporates the authority to open a bank account.

Pros and cons

Here are some pros and cons related to its business account services.

Pros

  • The business financial statements are separate from personal accounts, making tax preparation much more accessible and preventing any financial issues related to the business from being absorbed by the owner's cash.

  • These accounts come with many extra features that help the business run more smoothly, such as payroll, online banking, and assistance obtaining business-related loans.

  • Employees have access to the business checking account, which can range from authorizing employees to make only deposits to allowing them to pay their expenses directly through the checking account.

Cons

  • Many fees apply to business accounts. A well-established business, for example, is usually expected to maintain a high minimum balance and may be charged for failing.

FAQ

Can I use the funds in my Sterling Bank business account to pay personal bills?

The Internal Revenue Service and investors who want to see a separation of business and personal accounts oppose combining funds since it relieves business structure and status issues without risking business integrity.

Can I use my Sterling Bank account for business?

It can be used if you are a sole proprietor because it means that you and your business are legal and the same.

How does a Sterling Bank business account work?

Business bank accounts function just like personal checking and savings accounts, but they are tailored to meet your business needs. You can link your checking account to your online payment system so that when your clients pay you or make a purchase, the funds are deposited into your bank account.