PayPal Business Account v. Traditional Bank

[bearnotchben]

Hello! I’m currently investigating whether I need a traditional bank account vs just keeping everything in my PayPal balance with the business debit MasterCard. My startup is a creative Agency so the balance could be anywhere from $5k to $500k at a time. What are your thoughts?

[sharpiemarker · Accepted solution]

@bearnotchben 

I recommend having a bank account just to be safe and linking it to your PayPal because you never know when you'll need to withdraw and you would be stuck with no bank account scrambling to get one or can't add one if something happens with your PayPal account. God forbid it gets limited by PayPal. Plus, if you expect to have that much raked in, I'd be making regular withdraws to a bank account (once or twice a month). You know the saying, don't put all your eggs in one basket.

[bearnotchben]

Great advice, thank you!