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July 14, 2025
Business account, private account, savings account: Founders who keep their business and personal finances clearly separate from the start always keep an overview, even in the hectic daily business.
Separate your professional and private life: What applies to your daily work life should also apply to your finances, especially for the self-employed. Because it becomes clear at the latest when filing your first tax return: Those who have multiple accounts and clearly separate their business and personal income and expenses save themselves a lot of work – and have better control over their accounting.
But which accounts are needed, and what should founders pay particular attention to ? In practice, splitting the finances across three accounts has proven effective.
What is legally required for corporations due to the required share capital is voluntary for freelancers, sole proprietors, and partnerships : a business account. However, it is also advisable for freelancers and sole proprietors to keep their private and business finances clearly separated from the outset . All income and business expenses, which can later be claimed for tax purposes, are then processed through the business account. Private living expenses, i.e., the self-employed individual's salary, should be transferred monthly to a separate private account with the heading "Private Withdrawal . "
When searching for the right business account, founders should consider not only account fees but also service and features . How many transactions are included free of charge? Where and how often are cash deposits and withdrawals possible? Is a personal contact person available for questions? Also important: online security for mobile banking . "With free notifications via push notification or SMS, you can receive information about your account activity anytime, anywhere," says Ates Demir, Head of Product Management at Targobank.
Operations management
Operations management
Operations management
For startups in particular, the range of additional services is also attractive , as these offer support in the stressful daily routine and are now offered by many banks along with their accounts. These can include discounted rates for invoicing or accounting software, or integrated cash flow planning.
All personal expenses, such as rent, groceries, leisure activities, and vacations, should be paid into your private checking account . Depending on your circumstances, a joint account with your partner may also be a good idea. The most important thing is to keep your personal and business expenses clearly separate.
"When searching for the right business account, founders should consider not only the terms and conditions but also the services and features offered – and compare them to their individual needs. The overall package has to be right." Ates Demir , Head of Product Management, Targobank.
A third account for reserves and cash flow is essential for freelancers . This is where, for example, the reserve for tax payments should be kept. This means that the collected VAT and a certain percentage of the fee from each invoice should be transferred directly to a separate sub-account as a reserve for income tax . This ensures that the necessary liquidity is readily available when the tax payment is due. This account can also be used to accumulate cash surpluses or funds for larger purchases.
Especially in the early stages of self-employment, it's a challenge: You should always have an emergency fund in your account for difficult times such as illness or a lack of work. A rule of thumb is to set aside enough money to cover all your expenses for three months.
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These questions can help founders find the right business account for their needs.
✔️ What are the monthly account management fees and what services are included?
✔️ Which services incur additional fees and how much? Do I need these services frequently?
✔️ How many free transactions (transfers, etc.) are possible?
✔️ What is the maximum amount and what are the terms and conditions for an overdraft facility , i.e., a temporary overdraft ? Is the facility free of charge, or are interest charges only incurred when I actually use it?
✔️ Is it a bank with branches or a purely online bank ? Is there a branch near me where I can get advice and handle my payment transactions (e.g., cash deposits and withdrawals)?
✔️ What other services does the bank offer (dedicated contact person, convenient mobile banking, free notifications of account transactions)?
✔️ Does the bank offer Services beyond the core business (accounting and invoicing software, automated liquidity planner, multi-banking function)?
✔️ Is a Credit card included Or are credit cards also possible for my employees?
✔️ What Payment Methods can I offer my customers?
✔️ Can I purchase payment terminals through the bank?
Tip: Those who clearly separate their business and personal income and expenses have better control over their accounting.
Three tried-and-tested accounts: Business account, personal account, tax, savings and reserve account.
Pay attention to the conditions: In addition to account fees, founders should also keep an eye on service and benefits.
Discounted conditions for additional services can be interesting for founders when choosing an account.
Create reserves: Parking a certain percentage of each invoice directly for the tax office ensures the necessary liquidity.
Prepared for revenue losses: A third account should always contain an emergency fund for difficult times.
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