Create Sub-Accounts with a few clicks to put aside tax reserves, manage teams or save for investments. Take advantage of a fully-functional bank account.
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Sub-Accounts are just additional accounts on top of your already existing main account with Penta. Each of these accounts comes with an individual IBAN, allowing you to receive and send payments from Sub Accounts.
With each Sub-Account, you can view transactions, perform single or multiple payments. You can also download the bank statements or export your transactions, just like you know it from your Main Account.
Sub-accounts offer many advantages to your business. Sub-accounts are a simple and straightforward way to separate funds for different projects, expenses, or different business locations. Sub-accounts also allow you to set aside reserves for future tax liabilities and scale the right areas of your business by opening a sub-account for each of your company’s products or services.
Sub-accounts also provide a clear view of the profitability of your business units, the different markets your company operates in, or the future investments you plan to make.
Sub-Accounts can be created with a couple of clicks via the Penta WebApp in the Accounts menu, as long as you are an Admin on your already existing account.
While you create your Sub-Account, we ask you to verify that the business details we hold about your business are still up-to-date. You will also have to accept the Terms & Conditions of our Bankingpartner. These are the same Terms & Conditions that you accepted during the creation of your very first Penta account.
If you use the Advanced plan, you can create and use one Sub-Account to separate income flows or put aside funds for tax payments. As part of the Premium plan, you can create up to four Sub-Accounts for your business.
Currently, only Admins of your Penta account have access to Sub-Accounts. However, we are planning to offer you the same level of granularity you have with the current permissions, by allowing you to set permissions separately for each account.
Once you created your Sub-Account, you can see it in the list of existing recipients in your Payments menu.
Start by selecting the account you want to transfer funds from. Then click on the Sub-Account, enter an amount and confirm the transfer. No TAN is needed for single payments between your accounts.
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