Savings & Money Market Accounts
Our Business Savings and Central Money Market accounts require low minimum balances for any nonpersonal organization or business. And every account comes with these great features:
Variable rate of interest, compounded daily on collected balances and paid monthly
Up to six transfers/withdrawals per monthly statement cycle
BUSINESS SAVINGS
Account Designed For:
Nonpersonal organizations or businesses.
Minimum Opening Deposit:
$100
Key Features:
Six free withdrawals or transfers per monthly statement cycle - $5 fee for each withdrawal or transfer in excess of six
Monthly Maintenance Fee:
None if you maintain a minimum daily balance of $200 - otherwise, it’s $2.
CENTRAL BUSINESS MONEY MARKET ACCOUNT
Account Designed For:
Sole proprietors, partnerships, nonprofit businesses and corporations with over $10,000 in earnings.
Minimum Opening Deposit:
$2,500
Key Features:
Six free withdrawals or transfers per monthly statement cycle - $10 fee for each withdrawal or transfer in excess of six
Monthly Maintenance Fee:
None if you maintain a minimum daily balance of $2,500 - otherwise, it’s $10.
CERTIFICATE OF DEPOSIT (CD) ACCOUNT
All businesses are eligible for our CD Management Account and any of our fixed-rate and term Certificates of Deposit. Based on your cash-flow needs, we will help you choose the term that works best for you.
Minimum opening deposit for CDs less than $100,000:
• 7-31 Days: $20,000
• 32-89 Days: $5,000
• 90-179 Days: $2,500
• 180-364 Days: $1,000
• 1 Year or More: $500
• CDs of $100,000 and higher are available for any of the above maturity terms
Interest is compounded daily and paid at least annually, unless otherwise
designated on the CD account agreement
• Automatic renewal at maturity at the current rate - you will have 10 calendar days
from the maturity date to withdraw your funds without being assessed a penalty
• Penalty for early withdrawal
• No additional deposits allowed until the maturity date
• The interest rate and annual percentage yield for your account will be paid until
the maturity date stated on your account agreement
• Interest begins to accrue no later than the business day we receive credit for deposit
of noncash items (for example, checks)
• We use the daily balance method to calculate your interest, applying a daily periodic
rate to the principal
