Commercial Savings Accounts
Which Savings Account is right for your business?
| Savings Accounts | Designed for you... | Opening Deposit | Interest | Maintenance Fees* | Withdrawals |
|---|---|---|---|---|---|
Business Savings |
...businesses that want a traditional account to help save for onetime or periodic business expenses such as taxes, insurance or employee benefits. | $100 | Compounded daily, paid quarterly, rate is variable. See our Current Rates. |
$5 fee waived for maintaining $300 average daily balance per quarter OR $5 fee waived if enrolled in E-Statements. | |
Insured Money Market |
...businesses that want the combination of security, liquidity and convenience. This tiered-rate account pays competitive rates of interest on higher balances. | $2,500 | Compounded daily, paid monthly, rate is variable. See our Current Rates |
$10 fee waived for maintaining $2,500 minimum daily balance per statement cycle. | |
Certificate of Deposit |
...businesses that want to earn a higher interest for specific terms and do not need funds available for a period of time. | $500 or more depending on term | Compounded and reinvested quarterly on Growth CDs. Simple interest paid monthly or quarterly on Income CDs. See our Current Rates. |
N/A | Substantial penalty for early withdrawals. |
SEP Accounts |
...business owners that want to plan for their future with a retirement account. Consultation with a competent tax advisor is recommended. | Varies with product. | See our Current Rates. |
*Maintenance Fees are assessed each statement cycle.