{"id":3245,"date":"2022-06-07T12:36:33","date_gmt":"2022-06-07T17:36:33","guid":{"rendered":"https:\/\/www.northone.com\/blog\/?p=3245"},"modified":"2024-07-04T12:55:12","modified_gmt":"2024-07-04T17:55:12","slug":"sub-account","status":"publish","type":"post","link":"https:\/\/www.northone.com\/blog\/business-banking\/sub-account","title":{"rendered":"What is a Sub Account? Definition and How to Create One"},"content":{"rendered":"\n

Organization is really important when it comes to banking and bookkeeping. Putting all your funds in just one account can get confusing quickly. You should always make sure that money for each business expense like rent, and it is available right when you need it. To make that happen, you have to save money in many different categories. There\u2019s a great way to accomplish this, and that\u2019s by creating sub-accounts under your main bank account.<\/p>\n\n\n\n

<\/span>What is a Sub Account?<\/span><\/h2>\n\n\n\n

Your main bank account is often called your primary account, while a sub-account is an \u201caccount within an account.\u201d It\u2019s possible to make it so only particular people have access to this account, or that it’s only used for specific purposes. Sub-accounts can hold funds, just like a primary account<\/a>.<\/p>\n\n\n\n

It\u2019s possible to have more than one sub-account. Creating multiple sub-accounts for different purposes is one of the best ways to stay on top of all your expenses.<\/p>\n\n\n\n

<\/span>Who offers sub-accounts?<\/span><\/h2>\n\n\n\n

Most banks typically offer sub-accounts, including North One. When selecting a bank for your business, it\u2019s important to ask if they offer this useful feature. Check out these tips<\/a> for leveraging sub-accounts for your business budget.<\/p>\n\n\n\n

<\/span>How are sub-accounts used?<\/span><\/h2>\n\n\n\n

Your bank can help you create as many sub accounts as you need to organize and budget your money. Sub-accounts are a great way for small business owners to separate funds for different expenses so you\u2019re ready to make payments on time.<\/p>\n\n\n\n

<\/span>Examples of sub-accounts<\/span><\/h2>\n\n\n\n

Sub-accounts are often used to make sure money is on hand for necessities like:<\/p>\n\n\n\n