Example: How keeping surplus capital in a business savings account can help grow your business
Jen works a full-time government job and has 2 children under the age of 12. As a single working mother, Jen started an out-of-home baking business selling custom-made desserts to friends and family.
Now into the second year of her home business, her client base has grown and her services have expanded to include baking for large corporate events, baby showers and weddings. Jen knows she will need to upgrade her kitchen equipment to handle the influx of clients and their large-scale orders. About 6 months into her business, she opened a Tangerine business savings account.
Tangerine was running a limited-time promotion when Jen opened her account, so she was able to get a competitive introductory interest rate of 1.40% on all funds deposited for the first 6 months. Normally, she would only get this high-tier rate if her balance reached a larger amount.
Jen hopes this will help her afford a bigger oven and other industrial-sized kitchen appliances she needs to accommodate her growing business. In addition, her Tangerine business savings account charges no monthly service fees and offers online and mobile banking services, which means she is able to manage her funds easily anytime, anywhere.
* This is a fictional, but realistic, example.