I have a new S-corp and am the sole owner. The way I understand it all income is passed through to my personal tax return. I have seperate banking accounts for personal and business and use quickbooks to keep up with the business. There is no comingling of funds. I keep business and personal seperate.

I pay my self a salary and do all the taxes for it. I also have taken regular distrubitions based on a percentage of the businesses earnings. All this seems straightforward to me.

Here is my dilemma. My personal checking account is a "reward" checking account and pays 5% interest. My business account pays a measly 0.5%. They do not offer a reward business account and I really know of no where that I can park the business's cash, have it readily accessable, FDIC insured and earn a decent return. I am looking for a way to keep the business's cash in my personal account.

Within quickbooks I have two accounts for shareholders equity, current contributions, and current draws. What I would like to do is regularly transfer money out of the business as current shareholder draws and keep it in my checking account earning high interest. Then if a need arises I can transfer the money back to the company as a current contribution. Are there any problems with this strategy or tax implications that I should be aware of?

Also let me add that I am not wanting to do this on a daily basis or anything like that. My business does large projects and we may only get 4 or 5 checks a year. If I was able to take this money as a draw when it comes in and place it in my high interest account, and then maybe make monthly contributions back to the business to cover expenses I could literally make thousands in interest that now I am just leaving on the table.