Now that you’re approved, you’ll want to get 3 key things done so you start getting the most out of your account: order a physical debit card, set up a tax savings bucket, and get a quick overview of how your HoneyBook account changes.
You’ll need a HoneyBook Balance business checking account before you begin. Learn how to apply for a HoneyBook Balance Business Checking account.
Order a physical debit card
While you’ll get access to a virtual HoneyBook debit card immediately (which you can add to your Apple or Google wallet), you’ll want to order a physical debit card so you can pay vendors and stores that can’t accept a digital card.
Go to the Finance tab in the top navigation menu > select Dashboard
Find your HoneyBook debit cards > select View cards
Enter the code sent to your phone into the 2-step verification prompt
Under Physical card, select Order a physical card
Select Order Card
Confirm the card's shipping address. If this address isn't correct, contact support
The card will take 10–14 business days to arrive
If the card hasn't arrived after 14 business days, contact support by clicking the Question Mark icon on any HoneyBook page
Once the card arrives, activate it by calling the number on the sticker or through your HoneyBook Balance dashboard
You don’t need to wait for your physical debit card to arrive before you open a tax savings bucket. Move on to the next section when you’re ready.
Open a tax savings bucket
Next, you’ll want to start setting aside a portion of your client payments for tax time by creating a tax savings bucket. You’ll always have full control over how much money gets set aside into this bucket, and can withdraw from it at any time.
In the top navigation menu, select Finance > select HoneyBook Balance
Find the Savings Buckets section on the right hand side > select Create Bucket
Enter your tax savings rate
Work with your financial advisor to decide what this rate should be
Select Create tax bucket
The tax savings bucket will automatically begin putting a portion of your client payments aside whenever they come in. You can tweak the savings percentage as needed, but it’s highly recommended you put funds aside to prepare for tax time. Learn more about managing your tax savings bucket.
Next up, get a rundown of how your HoneyBook account changes now that you have a HoneyBook Balance account.
How your HoneyBook account changes with HB Balance
With your HoneyBook Balance checking account comes some changes to your base HoneyBook account. Check them out below. One thing to note is that your HoneyBook subscription will still get charged to your billing card (which isn’t the same thing as your linked bank account). bank account.
📚 Tip
Currently, HoneyBook Balance is not an interest-bearing account. You will not earn interest on the funds you hold in your HoneyBook Balance account.
Client payments now land in HoneyBook Balance
To better help you manage your money where you manage your business, client payments will now land in your HoneyBook Balance account. Any subscriptions you have that were linked to your external bank account won’t automatically get transferred to your HoneyBook Balance account though, so you’ll want to tackle that after you’re done setting up your account.
If you use the HoneyBook <> QuickBooks integration, be sure to visit the QuickBooks dashboard and update your bank to be the HoneyBook Balance account.
Free instant deposit on client payments
You’ll get free instant deposits on credit card client payments of up to $15,000 USD since client payments now land in your HoneyBook Balance account. Learn more about instant deposits.
Still have questions? Feel free to send us a message by clicking the Question Mark icon on any HoneyBook page. Our team is always happy to help!
HoneyBook is a software company, not a bank. Banking services are provided by Lincoln Savings Bank, Member FDIC. HoneyBook Visa Debit cards are issued by Lincoln Savings Bank, Member FDIC. HoneyBook is not FDIC insured. FDIC insurance only covers the failure of an insured bank.