Smart growth isn’t just about expanding, it’s about protecting what you’ve built. From strategic savings accounts to trusted fiduciary partnerships, businesses and individuals have more tools than ever to secure their financial future. Our experts explore underused financial strategies that can help businesses not only save more effectively but also plan wisely for whatever comes next.
Panelists:
- David Weed, AVP of Commercial Banking at Service Credit Union, servicecu.org
- Cydney Shapleigh, President, NHTrust, nhtrust.com
Q: What is the most underutilized savings product for businesses?
A: By far, share certificates! Share certificates are like CDs (certificates of deposit), but in the credit union world, because we are member-owned, your investment pays dividends, not interest, which is why the names are different.
Many people think of certificates as an old-school way to stash away money for personal purchases, but there’s no reason businesses shouldn’t also take advantage of certificates as a savings vehicle, especially with current dividend rates higher than they’ve been in years. At Service Credit Union, we have many flexible options when it comes to term length, including 6- and 12-month options, so you can grow your money without it being inaccessible for too long a time. Plus, the money in a certificate is safe up to $250,000 with the NCUA (National Credit Union Administration). It’s a low/no-risk way to easily grow your funds.
Q: Should businesses have a savings account?
A: Yes, absolutely! Having a dedicated account for savings can help you reach your financial goals while also ensuring that you have enough money tucked away in case of an emergency. We all know that unexpected expenses can arise any time in business. By maintaining a separate savings account, you can build up an emergency fund to handle costs such as equipment repairs, unexpected bills or sudden dips in revenue without adding to your debt.
A savings account also allows you to accumulate surplus funds and earn interest on your balance. Instead of keeping all your business earnings in a checking account, transferring excess funds to a savings account helps your money grow passively over time. This way, you can leverage the power of compounding and potentially earn additional income from the interest generated by your savings.
Last but not least, a savings account can serve as a backup in case of unexpected overdrafts in your checking account. If you accidentally make a payment or write a check for more than your available balance, you can transfer money from your savings account to your checking account to avoid potential overdraft fees and maintain a positive cash flow.
Q: What’s the best type of savings account to have?
A: In addition to putting some money in share certificates, I recommend having both a standard primary savings account as well as a Money Market account, which will help grow interest on larger balances.
Q: What happens if you do need to make a large purchase that you don’t have enough saved up for?
A: Having a revolving line of credit (LOC) is a great way to get access to short-term funding for large purchases, or even to cover payroll. For the first three years of an LOC, you can repeatedly draw on available funds and pay them down. You will pay interest on the amount borrowed, with interest-only payments due monthly. This is followed by a 4-year repayment period with fixed monthly payments.
Q: When does it make sense to use a line of credit vs. a credit card?
A: A business credit card should be used for everyday purchases that can be paid off at the end of the card’s billing cycle. It’s also great for earning points for those everyday purchases. A line of credit, on the other hand, will carry a lower interest rate than a credit card in the case that you cannot pay off the card right away, which is why it should be reserved for higher-cost purchases, or for a time when you do not have immediate access to funds to pay for those purchases.
Q: What types of clients do you work with at NH Trust?
A: At NHTrust, we proudly serve a diverse clientele that includes individuals, families, nonprofit organizations and municipalities not only in New Hampshire but across the United States. As a non-depository fiduciary trust company, we are well known for both our investment management services as well as our proficiency in complex trust administration.
Our expertise encompasses a wide range of trusts, including corporate trusts, silent trusts and asset protection trusts, tailored to meet individual needs. We also provide investment management for various municipalities, ensuring compliance with MS-9 and MS-10 standards.
Additionally, our individual and family trust services are available nationwide. We’ve recently experienced an increase in attorney referrals, reflecting our growing reputation for serving as directed trustee for high-net-worth individuals during their lifetimes and as successor trustee after their passing.
Our scholarship division currently represents schools in New Hampshire, Maine, Massachusetts and Rhode Island, acting as both trustee and investment manager. In some instances, we also serve as the Scholarship Committee, where we review and score applicants, ultimately selecting scholarship recipients.
The biggest misconception about working with NHTrust is that you must have complex estate planning needs or be an ultra-high-net-worth individual. Our commitment to the community is to serve individuals of all financial backgrounds who need reliable, honest fiduciary and investment services.
Q: What is a corporate trustee, and when does it make sense to use one?
A: A corporate trustee is a professional organization, like a trust company, that manages trust assets according to the terms set by the trust’s creator. Responsibilities include handling investment management, distributions, recordkeeping and ensuring legal standards are met.
We feel many families would benefit from these services. Trust administration and estate settlement are complex. A corporate trustee allows your loved ones to focus on supporting each other during difficult and emotional times. A corporate trustee is also a valuable, objective third party, ensuring everyone feels they are treated fairly as family dynamics change. Corporate trustees are instrumental in cases involving complex financial or legal matters and when no suitable family member is willing to serve.
Q: Can you speak to how NHTrust helps clients connect their wealth strategies to broader life goals, such as retirement readiness, multigenerational planning or philanthropic impact?
A: At NHTrust, we take a holistic approach to wealth management by getting to know our clients’ full financial picture and what matters most to them. Whether they’re planning for retirement, thinking about how to support future generations, or looking to make a meaningful impact through charitable giving, we tailor each strategy to align with their long-term goals. Through regular conversations, thoughtful planning and coordinated advice from our team of financial, trust and investment professionals, we help ensure their wealth not only grows but serves a purpose — now and into the future.
Q: Are you seeing generational shifts in how wealth is managed or passed down in New Hampshire families, and how is the NHTrust helping navigate that?
A: Yes, we’re seeing families become more open and intentional about wealth planning and generational transfer. There’s a noticeable shift toward transparency, with more families involving beneficiaries early in the process and discussing long-term goals together.
At NHTrust, we support this evolution by building lasting relationships, not just with clients, but with their children and grandchildren as well. We’re here to help educate, guide and empower the next generation, ensuring they’re prepared to manage and sustain the family’s legacy. Our focus is on continuity, trust and helping families navigate every stage of wealth stewardship.
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